Blog

Banking

FVNet – Revolutionizing Intra-Bank Transactions

In a financial landscape where the need for speed is paramount, international transfers can be both costly as well as time-consuming. FVNet takes the lead by offering faster intra-bank transactions that surpass the efficiency of traditional payment methods. It allows customers to execute transfers to fellow FV Bank account holders instantly and at a fraction of the usual cost.

FVNet – Revolutionizing Intra-Bank Transactions Read More »

Feature Image to accompany FV Bank's Blog Post. FV Bank Introduces Custody Money Market Accounts: A New Way to Grow and Manage Your Money. It's a graphic depicting money and a graph with an arrow moving upwards.

FV Bank Introduces Custody Money Market Accounts: A New Way to Grow and Manage Your Money

FV Bank is leading the way in creating smart financial solutions in a world full of fast-changing technology and evolving money matters. We like to call it FINnovation! We want to help you grow and manage your money more effectively. Our latest offering, Custody Money Market Accounts, is here to make your financial life easier.

FV Bank Introduces Custody Money Market Accounts: A New Way to Grow and Manage Your Money Read More »

FV Bank 2023 Q1 and Q2 Updates and Announcements - Blog

FV Bank – Updates: Q1 and Q2 2023 Explained

2023 has been a year when the entire cryptosphere has been laser-focused on regulatory battles across the world, with new rules being crafted to govern this fast-growing industry. The last time we released our quarterly update, we observed the FTX exchange’s fall, followed by even more unfortunate events, including the banking collapse of Silicon Valley Bank, Signature Bank, and Silvergate Bank. These incidents raised concerns about the stability and risks associated with the digital asset industry. The contagion fears resulting from these events highlighted the need for robust regulatory frameworks and risk management practices. To prevent such debacles in the future, governments and regulators across the globe are working aggressively to introduce a comprehensive regulatory framework that will bring order to the markets and protect consumers. This move has sparked mixed reactions in the industry, with some calling it https://www.traditionrolex.com/20 “Operation Choke Point 2.0” while others see it as positively impacting the industry. It’s important to note that conclusions on either side may change as global crypto regulations become more transparent and consistent. FV on Compliance and Regulation In a recent interview with FinanceFeeds, CEO Miles emphasized the importance of compliance and regulation in the industry. He urged market participants to take a proactive approach to meet regulatory requirements, including Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Paschini highlighted that compliance not only protects the company but also ensures the safety and trust of customers and the overall market. In addition to this, CRO Nitin shared his thoughts on MiCA (Markets in Crypto Act), Europe’s first comprehensive package of rules aimed at regulating the cryptocurrency industry. Nitin regarded MiCA as a good starting point, pointing out previous regulations in Europe, such as DLT licenses in Gibraltar, Estonia, and Lithuania. However, he emphasized that creating a comprehensive regulatory framework still requires further work and learning from these experiences. What we’ve been up to in 2023… Expanding Cross-Border Payments Service Despite the regulatory challenges, at FV, we remain committed to expanding our banking and payment solutions to meet the evolving needs of our customers. In line with this commitment, FV introduced a new Cross-Border Payments Service. This service enables FV account holders to make foreign currency payments in nine different local currencies, including Euro (EUR), British Pound Sterling (GBP), Canadian Dollar (CAD), Hong Kong Dollar (HKD), Singapore Dollar (SGD), Japanese Yen (JPY), South African Rand (ZAR), Brazilian Real (BRL), and Mexican Peso (MXN). Read more on our blog. Welcoming New Executives FV Bank welcomed two key executives to its leadership team. Frank J. Serra joined as the Chief Financial Officer (CFO), bringing valuable experience to support FV Bank’s expansion and service offerings. Luz Mabel del Valle assumed the role of Chief Risk Officer and Chief Compliance Officer, ensuring that risk management practices are implemented effectively as the bank expands its geographical reach. Participation in Global Events and Conferences The FV team continued its active involvement in prominent fintech and Web3 events & conferences worldwide. Our team represented FV at various industry gatherings, including Consensus by Coindesk and Bitcoin 2023 Miami. These events provided opportunities for insightful discussions, interviews, and networking within the digital asset and fintech communities. Consensus’ Coindesk, 2023 recap blog. Bitcoin 2023 Miami recap blog. Check our events gallery page for some snippets from the events we attended:  Interviews and Webinars Our leadership team has been actively participating in interviews and webinars to share their expertise and perspectives. These engagements allowed FV to contribute to the knowledge-sharing and collaborative efforts within the fintech and digital asset space. https://youtu.be/1dkko4SmQ6ohttps://youtu.be/rsQzuuJwaHohttps://youtu.be/7R7cl1Tvwbk What’s coming next at FV In Miami, our CEO Miles took the main stage of Bitcoin 2023 conference to unveil what’s coming next at FV: FV Bank VISA Debit Cards for Individuals and Corporates Institutionalization of the FVNet platform Introduction of Interest-Bearing Custody Accounts Watch this video from the Bitcoin Conference to listen to the complete announcement 🔽 https://youtu.be/wGYcT6L_gDc Stay tuned for more updates on our journey throughout 2023, and don’t forget to follow us on our social channels for breaking news!

FV Bank – Updates: Q1 and Q2 2023 Explained Read More »

Make cross-border payments in EUR, GBP, SGD & more with FV Bank

We are pleased to announce FV Bank’s cross-border foreign currency payments service for our U.S. and international customers. With this new offering, we enable our account holders to make frictionless international payments in seven currency options  –  EUR, GBP, CAD, HKD, SGD, ZAR and JPY, with more foreign currencies to be added in the coming weeks. The new payment facility creates a competitive advantage for our global clients, allowing them to transact internationally in seven different local currencies quickly, securely, and at lower cost through our market-leading competitive FX rates. This opens up new market opportunities for global merchants and customers needing to send or receive international payments to their vendors, consumers, friends, family, and other counterparties. Benefits to CASPs and Blockchain Companies When combined with our existing service of USDC stablecoin deposits, the cross-border payment service provides a new benefit to our clients operating in the digital asset industry for managing international payroll expenses, corporate expenses, payment service provider (PSP) conversions, and more. Clients can directly deposit USDC stablecoin into their FV bank account and have it instantly converted into U.S. dollars (USD) upon deposit. Customers can then send foreign currency cross-border payments in the currently supported seven currency options via the FV Bank platform. How does FV Bank integrate cross-border payments service We have integrated the cross-border payments service within our regulated and compliant banking and payments infrastructure. This means, similar to making USD payments via domestic and international wire transfers and the ACH network, account holders can now transfer money in seven different local currencies without the need to trade in foreign currencies, open additional accounts, or be forced to hold foreign currency balances. To execute a foreign currency payment request, simply choose from the seven available foreign currencies and provide the payment details of the beneficiary. This can be accomplished via the FV Bank portal or API. While processing the payment, you can confirm the FX rate in the payment dashboard, providing transparency and certainty. Check out our user guide to know more: https://www.fvbank.us/resources/fvbank-banking-payments.pdf “…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…. Miles Paschini, FV Bank CEO Tweet

Make cross-border payments in EUR, GBP, SGD & more with FV Bank Read More »

FV Bank Launches API for Seamless Bank Automation

The new API will help their clients streamline everything from payments to the creation of beneficiaries and much more LONDON (Bywire News) – A US digital bank FV Bank has introduced its first API to bring advanced bank automation and integration for its clients.  The new API will offer multiple benefits to corporations and institutional clients who want to integrate compliant banking solutions into their products. It will give firms the ability to reduce operational costs and quickly scale operations by automating data flows and payment systems.  This API will streamline everything from the creation of beneficiaries and other payments including domestic and international wires and internal transfers using FVNet. For example, when creating beneficiaries and payments, compliance functions can run in the background, including sanctions screening to ensure AML compliance. The API will also provide real-time webhook notifications for incoming and outgoing payment and transaction reconciliation to create a better experience for firms and their customers.  “We founded FV Bank, to foster growth between banks and fintech creators,” said Miles Paschini, co-founder and CEO of FV Bank. “Our new API will allow customers to seamlessly integrate payments and banking into their platforms and improve customer experiences. With our API, FV Bank clients can create compliant banking experiences directly with a bank partner instead of using an intermediary Bank as a Service (BaaS) provider. Our goal is to vertically integrate and provide the regulatory and compliance functions of a bank and also deliver the tech solutions directly to our customers.” Using the bank’s API, their clients will also have the ability to integrate banking solutions into their own fintech and blockchain applications all while enabling USD bank account functionality to customers. The API facilitates instant fund transfers to their customers’ accounts allowing real-time payouts and, when permissioned, to request funds from a client’s FV Bank account and access balance and transaction history data.  FV Bank says they are continuing to develop their API and future releases will include integration with the banks’ asset trust and custody services which will open up the ability for fintech and blockchain creators to produce more innovative and exciting products while maintaining compliance with a regulated bank partner.  In other news, FV Bank has announced a strategic investment in DIRO. This will see them integrate DIRO’s patented decentralised document and entity verification engine tech into its account opening protocols. This will enhance their Know Your Customer and Know your Business processes. The integration will automate verification enhancing protections against fraud and money laundering. Note: This article was originally published here – https://bywire.news/articles/fv-bank-launches-api-for-seamless-bank-automation (Writing by Tom Cropper, editing by Klaudia Fior)

FV Bank Launches API for Seamless Bank Automation Read More »