Puerto Rican digital bank FV Bank has launched a cross-border foreign exchange (FX) payments service for US and global clients.
The service facilitates international payments across more than 150 countries, improving transaction efficiency and lowering costs, the company says. Currently functioning across seven currencies, the bank plans to expand this remit in the future.
FV Bank’s platform additionally allows users to receive the cryptocurrency USD Coin, which is then converted into US Dollars in their account.
The announcement follows a string of enhancements for the bank, including the launch of its digital asset custody and settlement solution in September 2022. This marked the first depositary and custodial bank regulated in the US to offer the interoperability and safeguarding of digital assets and fiat deposits.
Commenting on the FX service, Miles Paschini, CEO of FV Bank, says: “Adding cross-border payment options to our suite of digital banking products provides our clients with increased efficiencies and reliability for their international payment processing requirements.
“FV Bank continues to deliver pivotal infrastructure to the marketplace as we strive to provide market leading banking services to our clients while accelerating digital asset adoption globally through our integrated custody and settlement solutions.”
