FV Bank launches cross-border foreign exchange (FX) payment services for its US and international account holders.
The Puerto Rican digital bank FV Bank has unveiled its new cross-border FX payment services this week.
The new offering enables its US and international clients to execute international payments in seven currency options. These currency options include the euro, British pond, Canadian, Hong Kong and Singapore dollars, South African rand and Japanese yen.
The service is now live in 150 countries worldwide. The bank intends to introduce more currency options to the offering in due course.
FV Bank is targetting efficent cross-border business and personal transactions with the launch; backed by its self-acclaimed competitve FX rates.
The bank’s CEO, Miles Paschini, describes the service’s addition to its digital banking suite as an achievement of “increased efficiencies, convenience, cost-savings and reliability” for international payment processing requirements.
Digital asset custody service
The bank’s clients operating in the digital asset industry are also set to benefit from the service’s arrival. This is because those who receive USD Coin (USDC) will have it converted into USD upon deposit.
Customers are then able to then send foreign currency cross-border payments in the currently supported seven currency options via the FV Bank platform or API.
This is to work in tandem with its corresponding digital asset custody service, which the bank launched in November 2022. This service affords its clients the ability to hold, transfer and settle both digital assets and fiat currencies within one account on the bank’s platform.
“Our primary goal since founding FV Bank has been to help drive blockchain technology innovation in financial services by offering institutional clients a technology solution integrated into a regulated bank and trust model that offers traditional banking along with digital assets custody and settlement,” explains Paschini.
“The infrastructure we are delivering to the marketplace will help bridge the divide between the traditional financial sector and the digital asset economy and will accelerate digital asset adoption globally.”