FV Bank, a U.S. licensed global digital bank offering 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 is licensed in Puerto Rico by the Office of the Commissioner of Financial Institutions.
This API will provide multiple benefits to corporate and institutional clients who need to integrate compliant banking solutions into its products, the company said. It will enable firms to reduce operating costs and scale their operations through automating data flows and payments systems.
Further benefits will include the streamlining of 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, its co-founder and CEO. “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.”
Clients will be able 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 allowed, 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.