[Trending News] Revolution already has authorization from Banco de Portugal to open branch in national territory – Executive Digest

Revolution has an authorization from Banco de Portugal to open branch in national territory. With this green light from the regulator, Portuguese customers will be able to have an IBAN initiated by “PT”, which facilitates transfers and payments within the country without restrictions associated with foreign codes.

Revolution clarifies that the authorization has been in force since 2022, and had already revealed its objective to open a branch and obtain a national bank identification number, also aiming to reach the two million users this year. “We want to launch a deposit account with the Portuguese IBAN associated with our account. It is one of the outbreaks, after launched the branch, ”said Rúben Germano, director-general of the institution in Portugal.

Now, according to information provided on the Banco de Portugal page, Revolution is identified as a “Credit Institution branch based in the European Union”.

This measure responds to one of the main demands of platform users, who use Ibans from other countries, such as Lithuania. With a Portuguese IBAN, customers will be able to avoid problems with entities that sometimes refused foreign account numbers for service payments or receiving salaries.

In addition to the National IBAN, Fintech offers services such as Multimoeda Accounts, Investments and Cashback, competing directly with traditional banks and other digital institutions.