San Juan, Puerto Rico, Feb. 25, 2022 (GLOBE NEWSWIRE) — (via Blockchain Wire) FV Bank (www.fvbank.us), the U.S. licensed global digital bank that offers a vertically-integrated suite of traditional and digital asset banking and custody services to fintech and blockchain firms, has introduced its first application programming interface (API) to advance bank automation and integration for its clients’ 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 firms to reduce operating costs and effortlessly scale their operations through automating data flows and payments systems.
The API will streamline everything from the creation of beneficiaries and payments including ACH, Domestic Wire, International wires and internal transfers using FVNet. When creating beneficiaries and payments, for example compliance functions automatically run in the background including sanctions screenings to ensure AML compliance. The new API also provides real time webhook notifications for incoming and outgoing payment and transaction reconciliation — creating a better experience for both firms and their customers.
“We founded FV Bank, to foster growth between banks and fintech creators,” said Miles Paschini, co-founder and CEO 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.”
FV Bank’s API will also enable clients to integrate banking solutions into their own fintech and blockchain applications enabling USD Bank Account functionality to their customers. The API facilitates instant transfer of funds to their customers’ FV Bank Account enabling real time payouts and, when permissioned, to request funds from a customer’s FV Bank account and access balance and transaction history data.
Future releases of the API will include integration with FV Bank’s digital asset trust and custody services, opening up the ability 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 integration of DIRO’s patented Decentralized Document and Entity Verification Engine technology solution into its account opening protocols to facilitate compliant automation of its Know Your Customer (KYC) and Know Your Business (KYB) processes.
Founded in 2018 by payments veterans Miles Paschini and Nitin Agarwal, FV Bank International is redefining digital banking. Fully licensed by the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF), FV Bank supports the growth and unique requirements of Fintech and blockchain companies and their clients through seamlessly integrating traditional banking services with digital asset management.
For more information, please visit: https://www.fvbank.us/