Revolut is integrated into the Israeli banking system with a new identification code

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Mirjan Hipolito

21.08.2024

Revolut is integrated into the Israeli banking system with a new identification code

In a significant development for the Israeli financial sector, the Bank of Israel has officially integrated Revolut, the global financial technology company, into its payment system.

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This integration is marked by the allocation of a unique identification code to Revolut, allowing the company to operate more seamlessly within the Israeli banking system.

Revolut, which offers a wide range of financial services including digital banking, payments, and currency exchange, is now poised to expand its footprint in Israel. The allocation of an identification code by the Bank of Israel signifies a crucial step in enabling Revolut to provide its services on a more localized and secure basis. This integration allows Revolut to connect directly with Israeli banks, facilitating smoother transactions for users who wish to transfer funds between Revolut accounts and local Israeli bank accounts.

The Bank of Israel’s decision to integrate Revolut is part of a broader strategy to modernize the country’s payment systems by embracing international fintech players. According to the Bank of Israel, the allocation of an identification code to a non-bank payment service provider like Revolut is unprecedented. This initiative not only enhances competition in the Israeli financial sector but also provides consumers with more choices in how they manage their finances.

Revolut's integration into the Israeli banking system is expected to bring a range of benefits to Israeli consumers. With its reputation for offering low-cost currency exchanges and no-fee international transactions, Revolut is likely to appeal to both individuals and businesses looking for more cost-effective financial solutions.

The allocation of the identification code also highlights the increasing importance of fintech companies in the global financial ecosystem.

Revolut’s integration into Israel’s banking system marks a significant milestone for the company and the Israeli financial sector. As Revolut begins to offer its services in a more integrated manner, Israeli consumers can look forward to enhanced financial services, greater convenience, and increased competition among service providers.

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