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FV Bank is heading to Consensus 2022

We’re so excited to announce that FV Bank is heading to Austin, Texas, for Consensus 2022 — The Festival for the Decentralized World. Meet the founders Miles Paschini and Nitin Agarwal to learn about the new paradigm in banking created by FV Bank with the convergence of Banking, Fintech and Blockchain. Miles and Nitin will be at the FV Bank Booth. We’re located at booth number 704. You can also schedule a chat with us here: https://calendly.com/fvbank Let’s talk about all things Crypto, Banking and Embedded Finance! Did we mention we’re a proud Sponsor? That’s right. Not only will FV Bank be at Consensus, but we’ll be sponsoring as well! Use our promo code “INtJoVPq” at the time of the purchase, to receive 25% off on your ticket purchase. We can’t wait to see everyone there! Why you should attend Consensus 2022? Since 2015, Consensus has been the central meeting point for those committed to decentralizing the world. Curated and produced by CoinDesk, the most powerful and trusted name in crypto journalism, Consensus is the only event showcasing and celebrating all sides of the blockchain. Here’s a preview of topics that will be covered: Finance, investing, NFTs, DeFi, regulation, Web 3 and the metaverse — and their wide-reaching effect on commerce, culture and communities. Each year thousands of global attendees participate in the hard-hitting conversations, critical debates and inspiring dialogues that continue to shape the future of society. The 2022 Consensus festival welcome developers, creators, investors, policymakers, executives and academics from a wide array of projects to attend the most influential event of the year. Did we mention we’re a proud Sponsor? Date: June 9 -12, 2022 Location: Austin, Texas

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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)

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FV Bank Adopts Award Winning Software to Verify Documents

The deal between FV Bank and DIRO allows the global digital bank, to introduce secure instant document verification which is even stronger than displaying documents in person. LONDON (Bywire News) – In blockchain news, this week, FV Bank has announced a strategic investment in DIRO, developers of the award-winning Original Documents Online technology. The platform could represent a major breakthrough in online verification by providing financial institutions, payment providers, crypto enterprises and other organisations with the ability to quickly and accurately verify any person or document directly from the trusted online source. FV Bank plans to integrate DIRO’s platform into its account opening protocols to automate its Know Your Customer (KYC) and Know Your Business (KYB) processes. It offers instant external bank account verification, identity verification, proof of address and proof of funds which can be obtained directly from the web source. With this in place, FV Bank will be able to offer its international clients an onboarding process that is faster, simpler and more secure. “We’re delighted to invest in DIRO — a technology company at the forefront of the identity verification sector,” said Miles Paschini, co-founder and CEO of FV Bank. “DIRO’s instant bank account verification services will help us to further improve our clients’ user experience while also strengthening our KYC and AML processes.” One of the biggest issues with online banking is the verification of documents. Just about anything can be photoshopped and faked. DIRO’s technology uses the blockchain to verify documents such as proof of address, proof of insurance, student records or certificates. To use it, you can open up their secure browser and log into a trusted website such as your bank. You then go to the information which needs to be proven and take a DIRO screenshot. This captures the webpage and the trust certificate and creates a unique trusted PDF with forensic data, login timestamps and a digital fingerprint that makes it tamper-proof. The document will then be stored on the blockchain making it provable, reportable and auditable. They’ve created immutable evidence of trust which can’t be faked. To verify a document, you can drag and drop it into their verification engine. This verifies it against the blockchain to check the digital fingerprint is intact and real. The new function will bring convenience, trust and compliance to FV Bank’s operations as it continues to redefine the global banking system. Defining itself as ‘The Global Digital Bank’, FV is one of the few in the world which combines traditional fiat currency with digital assets. They will be supporting fin-tech companies including OTC desks, liquidity providers, exchanges and their clients by providing all sorts of financial products, from regular banking and payments to traditional asset and visa card insurance. It brings the traditional world of fiat and digital assets together and could, for example, mean you can have a visa card which is secured by your bitcoin savings. The introduction of this software will bring two pioneers in this space together. It will give FV Bank the ability to quickly onboard clients in a way that is fast, secure and convenient. Meanwhile, for DIRO, this is another development that helps them bring their technology to the world. Commenting on the deal, Per Jirstrand, co-founder and Chief Revenue & Product Officer at DIRO said: “Working with true pioneers like FV Bank helps us to further build the momentum around DIRO’s instant bank account verification platform serving financial institutions around the world.” Note: This article was originally published here: https://bywire.news/articles/amp/fv-bank-adopts-award-winning-software-to-verify-documents(Written by Tom Cropper, edited by Klaudia Fior)

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FV Bank becomes Principal Member of Visa

FV Bank has announced that it has been approved as a Principal Member of Visa. With this approval, the bank is set to launch a programme to issue Visa cards linked to cryptocurrencies.  FV Bank, Puerto Rico’s bank that supports cryptocurrencies FV Bank is based in Puerto Rico, and is approved by the Office of the Commissioner of Financial Institutions (OCIF). Owned by Fintech Holdings, it aims to redefine digital banking globally by seamlessly integrating traditional banking services with digital assets, and supporting the growth of fintech and blockchain companies.  The bank already offers integrated banking services with digital asset custody, but the ability to issue Visa cards is a further evolution of its product suite for those using both fiat currencies and cryptocurrencies.  FV Bank has institutional investors among its clients, to whom it offers a hybrid solution to allow them to hold fiat and crypto, and trade them seamlessly FV Bank becomes Principal Member of Visa FV Bank’s Visa card for crypto services The new Visa debit card is expected to be available by the end of the year, and will also offer corporate account holders the ability to have multiple cards for multiple authorized employees, all on one account. The bank recently successfully closed an $8 million Series A funding round. This capital has given new impetus to the very division that handles the safekeeping of digital assets. FV Bank co-founder and CEO Miles Paschini said:  “Historically, the cards offered in the market that were somewhat compatible with digital assets have been offered only by a fragmented patchwork of program managers and non-bank fintechs. We are proud to be the first bank to provide a truly vertically-integrated solution that combines digital asset custody, traditional banking, and card issuance services to our international customers”. The other co-founder, Nitin Agarwal, added:  “FV bank plans to introduce credit card versions in early 2022 which will enable users to leverage digital assets as collateral for credit lines which will be accessible via the FV Bank Visa card. There is a huge demand for customers who do not want to sell their crypto but want access to spendable funds”. Visa Puerto Rico Country Manager Luis Guerra commented:  “Thanks to its global presence, partnership approach and trusted brand, Visa can help make digital currencies useful and applicable for payments. Visa’s work in the digital currency field is seen as an extension of its broader network-of-networks strategy, which is focused on enhancing various forms of money movement, whether on the Visa network or beyond. We are pleased to welcome FV Bank as Principal Member license and are thrilled about the fact that they will habilitate Cryptocurrency linked to Visa Card Programs”. Note: This article was originally published here: https://en.cryptonomist.ch/2021/10/29/fv-bank-becomes-principal-member-of-visa/

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Puerto Rico-Based FV Bank to Offer Regulated Crypto Custody in the US

FV Bank says it has received permission from a Puerto Rico banking regulator to provide custody services for bitcoin, ether and more in the U.S. A Puerto Rico-based digital challenger bank is launching a custody service for digital assets, offering clients the chance to securely store and exchange major cryptocurrencies from early 2021. FV Bank (which stands for fintech ventures) announced Monday it has received permission from the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) to provide custody services for bitcoin, ether, EOS, XRP, and “many” ERC-20 standard tokens. It will also allow “seamless exchange to fiat [currency],” according to a statement. “We are targeting going live in Q1 2021,” an FV Bank representative told CoinDesk via email. Almost as if the stars were aligned, banks like DBS, BBVA and Standard Chartered have recently been making announcements about providing digital-asset services, perfectly timed with the price of bitcoin reaching all-time highs.  An announcement earlier this year by the Office of the Comptroller of the Currency (OCC) opened the door for U.S. banks to take custody of digital assets. This presented an opportunity for firms like FV Bank, a nimble innovator originally set up to provide U.S. banking services to fintech companies. “When the OCC came out with their opinion back in July, we saw that as an opening and went to our regulator and sought clarification and permission as a bank to provide custodial services to our customers,” FV Bank CEO Miles Paschini said in an interview. “Our goal is to allow anyone, from an individual to an institution, to custody their digital assets and also have seamless banking services related to that custody.” Puerto Rico is a Commonwealth of the United States with its own financial regulatory body, the OCIF. But all laws for banking and insurance in the jurisdiction are based on U.S. laws, such as the Bank Secrecy Act (BSA). Because Puerto Rico is part of the U.S. banking system, this allows FV Bank to hold a master account at the Federal Reserve Bank of New York. Paschini said FV Bank has chosen a custody tech infrastructure partner, but its name has not been made public yet. In terms of liquidity, he said the bank will be working with several large over-the-counter (OTC) cryptocurrency trading desks.  FV Bank’s regulated custody offering, which uses a technique called multi-party-computation (MPC) to protect private cryptographic keys, also comes with $20 million worth of insurance cover, sourced from the Lloyd’s of London market. “We’ll be starting out on day one with a $20 million-dollar policy and we’ll grow that policy commensurate with the assets under management,” said Paschini. Note: This article was originally published here – https://www.coindesk.com/business/2020/12/21/puerto-rico-based-fv-bank-to-offer-regulated-crypto-custody-in-the-us/

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