The Bank of Israel has awarded Revolut a unique identification code, signaling the company’s formal entry into the country’s regulated payment system. The integration is part of the bank’s strategy to integrate global fintech firms into the local payment space.
The Bank of Israel’s initiative to issue a unique identification code to Revolut aligns with its broader strategy to integrate global fintech companies into the local payment system, the institution mentioned today (Tuesday). The identification code, 78, allows fintech firms like Revolut to allocate payment account numbers and facilitates seamless identification within the system.
Revolut’s successful acquisition of an identification code reflects the Bank of Israel’s commitment to opening the payment system to non-bank entities. This move is part of the bank’s “international outline,” which facilitates access for foreign-licensed companies meeting specific conditions.
Eying Diverse Financial Solutions
The framework reportedly aims to enhance Israel’s payment system by introducing innovative players and diverse financial solutions. As the second global fintech company to receive such an ID code, Revolut joins an exclusive group that is poised to benefit from the Bank of Israel’s efforts to modernize and broaden the local financial market.
Expect ongoing updates as this story evolves.