FV Bank Integrates with PYUSD Stablecoin
10 January 2025 Puerto Rico
Image: Tameem/stock.adobe.com
FV Bank, the US licensed digital bank offering a vertically integrated suite of traditional and digital asset banking and custody services, has expanded its stablecoin capabilities with the integration of PayPal USD (PYUSD) for direct deposits and outbound payments.
The firm says this feature enables the direct receipt of PYUSD into their US dollar accounts, with automatic real-time conversion to USD.
The company says FV Bank account holders will be able to send outbound payments to beneficiaries in PYUSD without the need to mint the stablecoin themselves or manage an external digital wallet.
By demand and FV Bank’s real-time processing capabilities, clients can initiate PYUSD payments directly from their USD accounts, where FV Bank automatically debits USD, mints PYUSD on-demand, and delivers it near-instantly to the beneficiary.
The ability to instantly convert PYUSD to USD — and vice versa — provides a seamless solution for global customers by reducing the processing times and associated fees of traditional bank wires, says the firm.
FV Bank's PYUSD direct deposit and payments service provides FV Bank customers with another option when choosing to transact through their FV Bank USD account, with this feature being seamlessly integrated with blockchain analytics tools to pre-screen and detect transactions potentially linked to sanctions or AML activities, ensuring full compliance with regulations.
Miles Paschini, CEO of FV Bank, comments: "The integration of PYUSD deposits and payments, along with auto-conversion to and from USD is another key accomplishment in our commitment to provide the most comprehensive integrated banking service for our global customers.
"This additional deposit and payment option positions FV Bank as one of the only regulated banking institutions in the USA to offer blockchain-powered payment rails, as well as extensive stablecoin on-ramp and off-ramp services.”
The firm says this feature enables the direct receipt of PYUSD into their US dollar accounts, with automatic real-time conversion to USD.
The company says FV Bank account holders will be able to send outbound payments to beneficiaries in PYUSD without the need to mint the stablecoin themselves or manage an external digital wallet.
By demand and FV Bank’s real-time processing capabilities, clients can initiate PYUSD payments directly from their USD accounts, where FV Bank automatically debits USD, mints PYUSD on-demand, and delivers it near-instantly to the beneficiary.
The ability to instantly convert PYUSD to USD — and vice versa — provides a seamless solution for global customers by reducing the processing times and associated fees of traditional bank wires, says the firm.
FV Bank's PYUSD direct deposit and payments service provides FV Bank customers with another option when choosing to transact through their FV Bank USD account, with this feature being seamlessly integrated with blockchain analytics tools to pre-screen and detect transactions potentially linked to sanctions or AML activities, ensuring full compliance with regulations.
Miles Paschini, CEO of FV Bank, comments: "The integration of PYUSD deposits and payments, along with auto-conversion to and from USD is another key accomplishment in our commitment to provide the most comprehensive integrated banking service for our global customers.
"This additional deposit and payment option positions FV Bank as one of the only regulated banking institutions in the USA to offer blockchain-powered payment rails, as well as extensive stablecoin on-ramp and off-ramp services.”
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