The Bank of Israel announced it has completed the transition of the ZAHAV system to the ISO 20022 payments messaging standard for real-time credits and transfers, updating the core infrastructure for shekel-denominated financial transfers. The move aligns Israel’s domestic high-value payments messaging with international standards and expands the amount and structure of data that can be carried in payment messages. ISO 20022, as adapted by SWIFT for international payment transfers, enables richer and more uniform data fields, which the Bank of Israel expects to support faster execution and processing, lower transaction costs, improved data quality and precision, and stronger compatibility for secure international payments. The central bank also linked the upgrade to greater transparency and to enabling innovation, including the development of advanced financial products for banks, payment systems, nonbank financial institutions, fintech companies, and businesses. The Bank of Israel said it will continue promoting technological innovation and advanced payment infrastructures to support a more open, competitive, and stable financial market.
Bank of Israel 2025-06-30
Bank of Israel completes ISO 20022 migration of the ZAHAV shekel RTGS system
The Bank of Israel has completed transitioning the ZAHAV system to the ISO 20022 payments messaging standard for real-time shekel-denominated transfers, aligning with international standards to enhance data quality, processing speed, and transaction security. This upgrade aims to foster innovation and transparency, supporting a more open and competitive financial market.