FV Bank launches cross border FX payments service
By Edlyn Cardoza
FV Bank, the U.S. licensed global digital bank that offers a vertically integrated suite of traditional and digital asset banking and custody services to FinTech and blockchain firms, has announced the launch of its cross border foreign exchange (FX) payments service for its U.S. and international account holders.
The new offering enables FV Bank clients 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. The service features market-leading competitive FX rates, making it easy for businesses and individuals to transact internationally in a fast, secure, and lower-cost manner.
“We’re pleased to announce the launch of our integrated cross border payment service for our FV Bank account holders,” said FV Bank’s CEO, Miles Paschini. “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.”
FV Bank’s new cross border foreign currency payments service will also benefit the company’s clients operating in the digital asset industry. Customers can receive USD Coin (USDC) directly into their account and instantly convert them into U.S. dollars (USD) upon deposit. Customers are then able to send foreign currency cross border payments in the currently supported seven currency options via the FV Bank platform or API. The service will assist companies with international payroll expenses, corporate expenses, and payment service provider (PSP) conversions.
The launch of FV Bank’s cross border international payments service is the latest in a series of innovative technology and service enhancements that seek to offer the most comprehensive integrated banking service in the market. The company recently announced the launch of their digital asset custody and settlement solution, becoming the first U.S. regulated depository and custodial bank to develop an in-house vertically integrated technology infrastructure that enables the seamless interoperability and safeguarding of both the digital asset and fiat deposits.
IBSi Daily News Analysis
June 02, 2023
How wealth management firms can grow revenues in a declining marketRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage