FV Bank launches cross-border FX payments service for crypto companies
“Adding cross-border payment options to our suite of digital banking products provides our clients with increased efficiencies, convenience, cost-savings, and reliability for their international payment processing requirements.”
FV Bank has launched a cross-border foreign exchange payments service for its U.S. and international account holders.
Regulated by the Office of the Commissioner of Financial Institutions (OCIF), Puerto Rico, USA, FV Bank is a global digital bank and digital asset custodian. The company offers depository accounts, payment services, digital asset custody, and VISA card issuance.
The FX payments service allows clients of the U.S. licensed global digital bank to execute frictionless international payments in seven currency options of EUR, GBP, CAD, HKD, SGD, ZAR, and JPY, across more than 150 countries, with additional currency options to be rolled out in the future.
Crypto firms can receive USD Coin and convert into USD upon deposit
Businesses and individuals will be able to leverage the competitive FX rates to transact internationally in a fast, secure, lower-cost manner, stated the bank, which offers a vertically-integrated suite of traditional and digital asset banking and custody services to fintech and blockchain firms.
Clients operating in the digital asset industry will benefit from this newly launched cross-border foreign currency payments service as they can receive USD Coin (USDC) directly into their account and have it instantly converted into U.S. dollars (USD) upon deposit.
It was in September 2022 that the crypto-friendly bank become a bridge between fiat bank accounts and USD Coin by partnering with Circle, the issuer of the popular stablecoin.
According to the challenger banks, benefits include reducing the friction of domestic and international settlements as the money transfer process becomes dramatically faster.
The firm believes the move will help to cut the necessary IT infrastructure as well as the capital base for outfits that want to adopt crypto-backed payments. For instance, FV Bank account holders are now able to send invoices to their international clients in USDC and receive it without worrying about wallets, conversions, fees, etc.
Service assists with payroll and corporate expenses, PSP conversions
Miles Paschini, Chief Executive Officer at FV Bank, commented: “We’re pleased to announce the launch of our integrated cross border payment service for our FV Bank account holders. Adding cross-border payment options to our suite of digital banking products provides our clients with increased efficiencies, convenience, cost-savings, and reliability for their international payment processing requirements. FV Bank continues to deliver pivotal infrastructure to the marketplace as we strive to provide market leading banking services to our clients while accelerating digital asset adoption globally through our integrated custody and settlement solutions.”
The platform or API currently supports seven currency options for FX cross-border payments. The service will assist companies with international payroll expenses, corporate expenses, and payment service provider (PSP) conversions.
FV Bank has recently become the first U.S. regulated depository and custodial bank to develop an in-house vertically integrated technology infrastructure with the launch of a digital asset custody and settlement solution that enables the seamless interoperability and safeguarding of both digital asset and fiat deposits.