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