Okoora TeamOkooraAt okoora, we are thrilled to share an important achievement that represents a major step forward in our mission to revolutionize financial operations for businesses worldwide. The Bank of Israel has officially granted okoora an institutional identification code—previously referred to as a “bank code”—enabling us to connect directly to Israel’s national payment systems.
This recognition is not just a validation of our efforts to meet the highest regulatory standards but also a demonstration of our commitment to empowering businesses and consumers alike with smarter, more efficient financial solutions.
What Does the Identification Code Mean for Okoora?
The institutional identification code, number 92, allows okoora to integrate directly with key Israeli payment systems, including:
- RTGS (Real-Time Gross Settlement): Enabling immediate, secure payments in real time.
- MASAV (Bank Clearing System): Streamlining batch processing and clearing of payments.
This direct connection eliminates the need for intermediaries, reduces transaction costs, and ensures faster, more reliable payment processes for businesses across Israel. By bypassing traditional barriers, we’re delivering operational efficiency and significant cost savings to our clients. This should boost our business clients’ profitability and enable them, if they so choose, to return the savings to the end-consumer.
A Commitment to the Israeli Ecosystem
This milestone isn’t just a win for okoora; it’s a significant development for the entire Israeli business ecosystem. By leveraging our direct connection to the national payment systems, we’re dedicated to rolling out the benefits to local businesses and consumers, including:
- Lower costs for payment processing.
- Faster transaction times.
- Seamless access to innovative financial solutions tailored to the needs of Israeli businesses.
As a company already operating in over 180 countries and supporting more than 100 currencies, this achievement helps solidify our position as a trusted partner in the global financial landscape.
A Step Toward Global Expansion
The recognition from the Bank of Israel is a pivotal moment in okoora’s broader growth strategy. As we work to achieve regulatory recognition in other major markets—including the US, EEA, and APAC—we continue to build the infrastructure and tools that businesses need to thrive in an increasingly interconnected world.
This milestone also enhances our capabilities in embedded finance solutions, enabling businesses, even those outside the financial sector, to offer advanced services like:
- Multi-currency wallets
- Local and international payments
- Foreign exchange conversions
Vision and Thank You
We are incredibly grateful to the Bank of Israel for their trust and collaboration. This milestone marks a significant step in our mission to enhance the financial ecosystem and empower our clients to achieve their goals. By directly connecting to payment systems, we’re able to eliminate unnecessary costs and provide unparalleled value to businesses and consumers alike. I also want to thank our amazing Okoorans in Israel and around the world—this success belongs to all of you.
Looking Ahead
With this recognition, we’re energized to continue building innovative solutions that transform financial operations, reduce complexity, and drive tangible value for our clients. Whether it’s through operational efficiency, cost savings, or embedded finance capabilities, okoora remains committed to empowering businesses and shaping the future of finance.
For more information, you can read the official announcement from the Bank of Israel here.
