FV Bank unveils global cross-border payment solution

San Juan, Puerto Rico-based FV Bank has added cross-border payment capabilities to its digital banking offerings to encourage customer retention. The new feature from the private digital bank runs on APIs and can send seven types of currency including U.S. dollars, euros, yen and cryptocurrency to 150 countries, according to an FV Bank release. “At the present time, we only offer accounts that are based in U.S. dollars. With that said, many of our customers have their operations in foreign markets, and most of the clients don't have an interest in holding multi-currency accounts,” FV Bank Chief Executive Miles Paschini told Bank Automation News . [caption id="attachment_222118" align="alignright" width="300"] Photo by CanStock [/caption] The cross-border payment capabilities begin by creating payment instructions through an API, receiving quotes for other types of currency programmatically, and then submitting payments into the system. FV Bank uses automated messages to provide the bank with status updates, Paschini added. “On the backend, we do have hybrid workflows for compliance authorization,” he said. “So, depending on the particular circumstances with the payment and the client, there's a human intervention layer where the payment effectively gets approved or disapproved through a workflow. Once it is approved, it's fully automated from there.” The capabilities can be accessed through a client’s online banking corridor, where the user specifies the currency they wish to send, and updates payment screen fields automatically based on the payment route the customer intends to use, according to the release. The service is the latest upgrade within the bank’s payment options, having launched a digital asset custody and settlement solution in November, Paschini told BAN . Growing cross-border payments usage The use of cross-border payments is growing amongst small- and medium-sized businesses globally, with the functionality becoming more in demand from banking customers. According to Mastercard ’s “Borderless Payment Report 2022” which surveyed more than 3,000 international small business owners, 52% of businesses are using digital banking platforms to send funds, and 80% say cross-border payment capabilities help improve efficiencies. “As more countries adopt financial data standards and create national digital currencies, we should see this trend of smaller banks launch cross-border payments,” said BAN technology analyst Bradley Herbert. “Most of this is based upon blockchain tech. Things like this used to be more so based upon cross-border partnerships with other FIs.” FV Bank, which raised $15.5 million over three funding rounds since 2021, is the latest in a string of financial institutions providing global payment solutions to its customers, as large banks such as $3 trillion Bank of America , $1.5 trillion Goldman Sachs , and $2.4 trillion Citi have each launched similar services within the last year. Bank Automation Summit US 2023, March 2-3 in Charlotte, is a crucial event on automation technology in banking and will feature a fireside chat with Brinda Bhattacharjee of Goldman Sachs & Co . Register here. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1675450065849.1675457179402.795&__hssc=41615677.15.1675457179402&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1675450065849.1675457179402.795&__hssc=41615677.15.1675457179402&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

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FV Bank unveils global cross-border payment solution

Customers can send payments via ACH wire or blockchain

Paytm shares climb after payments giant reports narrower loss

Fiserv focuses on new tech, acquisitions in Q4

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