The Bank of Israel has assigned Revolut a unique identification code, signaling the company's formal entry into the country's regulated payment space. This integration is part of the bank's strategy to integrate global fintech firms into the local payment space, the bank mentioned today (Tuesday).

Global Fintech Integration

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 identification code allows fintech firms like Revolut to allocate payment account numbers and facilitates seamless identification within the system.

Revolut's successful acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of an identification code, 78, 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.

Oded Salomy, the Director of the Bank of Israel’s Payment and Settlement Systems Department, said: “The steps that the Bank of Israel has led have created opportunities for global fintech firms and firms from various fields to operate in the payments field in Israel, with regulatory guidance throughout the access process.”

“These steps will advance competition in the financial system and will contribute to the improvement of service and lowering of costs,” he explained. “The Bank of Israel will continue developing the Israeli payments market and working toward opening access to the controlled payment systems for non-bank participants.”

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 Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company to receive such an ID code, Revolut joins an exclusive group poised to benefit from the Bank of Israel's efforts to modernize and broaden the local financial market.

Revolut is also forging significant partnerships with other companies. Just recently, the fintech firm integrated Ledger Live, a popular platform for managing digital assets. This collaboration promised to enhance crypto purchases, making them easier, faster, and more secure.

This partnership allows Revolut’s users to purchase crypto directly through the Ledger Live app. It also aims to make digital asset management accessible. The app reportedly enables users to convert their fiat currency into crypto, bypassing additional identity checks and multiple verifications.

In Singapore, Revolut debuted its business-to-business (B2B) service, Revolut Business. The company also received a banking license in its home country, the United Kingdom.