FV Bank Launches API to Enable Fintech and Blockchain Companies to Seamlessly Integrate Banking Automation
San Juan, Puerto Rico, Feb. 25, 2022 (GLOBE NEWSWIRE) — (via Blockchain Wire) FV Bank (www.fvbank.us), the US-licensed global digital bank that offers a vertically integrated suite of traditional asset banking services and digital and custodial services to fintech and blockchain companies, introduced its first application programming interface (API) to advance banking automation and integration for its customers’ operations.
FV Bank’s new API will provide multiple benefits to corporate and institutional clients who need to integrate compliant banking solutions into its products. The API will enable businesses to reduce operating costs and scale operations effortlessly through the automation of data flows and payment systems.
The API will streamline everything from beneficiary creation to payments including ACH, domestic transfers, international transfers and internal transfers using FVNet. When creating payees and payments, for example, compliance functions run automatically in the background, including sanction checks to ensure AML compliance. The new API also provides real-time webhook notifications for inbound and outbound payments and transaction reconciliation, creating a better experience for businesses 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 the customer experience. Using our FV Bank API, customers can create compliant banking experiences directly with a partner bank instead of using a Bank as a Service (BaaS) intermediary Our goal is to vertically integrate and deliver the regulatory and compliance functions of a bank, as well as deliver the technology solutions directly to our customers. »
The FV Bank API will also allow customers to integrate banking solutions into their own fintech and blockchain applications allowing their customers USD bank account functionality. The API facilitates the instant transfer of funds to their customers’ FV bank account, enabling real-time payments and, where permitted, to request funds from a customer’s FV bank account and access balance data and transaction history.
Future versions of the API will include integration with FV Bank’s digital asset custodial and trust services, opening up the possibility for fintech and blockchain creators to develop exciting new products while maintaining compliance with a regulated banking partner.
FV Bank also recently announced a strategic investment in DIRO and the integration of DIRO’s patented Decentralized Document and Entity Verification Engine technology solution into its account opening protocols to facilitate compliant automation of its processes. Know Your Customer (KYC) and Know Your Business (KYB).
About FV Bank
Founded in 2018 by payments veterans Miles Paschini and Nitin Agarwal, FV Bank International is redefining digital banking. Fully licensed by the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF), FV Bank supports the growth and unique requirements of fintech and blockchain companies and their customers by seamlessly integrating traditional banking services with digital asset management .
For more information, visit: https://www.fvbank.us/
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CONTACT: Michele McDermott-Fox Director The Top Floor Public Relations 1.905.379.1893