FV Bank launches cross-border foreign exchange (FX) payment services for US and international account holders.
Puerto Rico’s digital bank FV Bank has announced a new cross-border FX payment service this week.
This new service allows US and international clients to make international payments in seven currency options. These currency options include Euro, British Pound, Canadian Dollar, Hong Kong Dollar, Singapore Dollar, South African Rand and Japanese Yen.
The service is currently used in 150 countries around the world. The bank plans to introduce more currency options to its offerings over time.
With this launch, FV Bank aims to streamline cross-border business and personal transactions. Backed by self-rated competitive FX rates.
bank CEO, miles Paschinidescribes the addition of the service to its digital banking suite as an achievement of “efficiency, convenience, cost savings and increased reliability” for international payment processing requirements.
Digital asset custody service
Bank clients operating in the digital asset industry are also expected to benefit from the launch of the service. This is because the person who receives USD Coin (USDC) will be converted to USD when he deposits.
Customers can then send foreign currency cross-border payments in seven currently supported currency options via the FV Bank platform or API.
This corresponds to Digital asset custody service, the bank started in November 2022. The service allows clients to hold, transfer and settle both digital assets and fiat currencies within one account on the banking platform.
“Since founding FV Bank, our main goal has been to provide institutional investors with technology solutions integrated into a regulated banking and trust model, providing traditional banking along with custody and settlement of digital assets. By providing it, we are spurring innovation in blockchain technology in financial services,” explains Paschini.
“The infrastructure we are providing to the market will help bridge the chasm between the traditional financial sector and the digital asset economy and accelerate the adoption of digital assets globally.”