LONDON (Bywire News) - A US digital bank FV Bank has introduced its first API to bring advanced bank automation and integration for its clients.
The new API will offer multiple benefits to corporations and institutional clients who want to integrate compliant banking solutions into their products. It will give firms the ability to reduce operational costs and quickly scale operations by automating data flows and payment systems.
This API will streamline everything from the creation of beneficiaries and other payments including domestic and international wires and internal transfers using FVNet.
For example, when creating beneficiaries and payments, compliance functions can run in the background, including sanctions screening to ensure AML compliance. The API will also provide real-time webhook notifications for incoming and outgoing payment and transaction reconciliation to create a better experience for firms and their customers.
“We founded FV Bank, to foster growth between banks and fintech creators,” said Miles Paschini, co-founder and CEO of 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.”
Using the bank’s API, their clients will also have the ability to integrate banking solutions into their own fintech and blockchain applications all while enabling USD bank account functionality to customers. The API facilitates instant fund transfers to their customers’ accounts allowing real-time payouts and, when permissioned, to request funds from a client’s FV Bank account and access balance and transaction history data.
FV Bank says they are continuing to develop their API and future releases will include integration with the banks' asset trust and custody services which will open up the ability for fintech and blockchain creators to produce more innovative and exciting products while maintaining compliance with a regulated bank partner.
In other news, FV Bank has announced a strategic investment in DIRO. This will see them integrate DIRO’s patented decentralised document and entity verification engine tech into its account opening protocols. This will enhance their Know Your Customer and Know your Business processes. The integration will automate verification enhancing protections against fraud and money laundering.
(Writing by Tom Cropper, editing by Klaudia Fior)