FV Bank launches international, online-only financial services for individuals and businesses
- 30.07.2020 06:15 pm
Global Digital bank FV Bank International Inc. today announced the launch of its online FV Bank, which will offer individual and business accounts to international clientele through an online-only banking platform. FV Bank will focus on providing reliable online banking solutions to fintech customers including digital asset service providers seeking access to the U.S. dollar and tailored to ecommerce and international trade.
Licensed by Puerto Rico’s OCIF (Office of the Commissioner of Financial Institutions), FV Bank was created to meet a growing demand from international businesses who are in need of reliable and technology-driven U.S. banking services. Fintech and the explosion of e-commerce, digital assets, and global trade have modernized many business sectors, but financial services available to these entities have largely been limited to legacy banking services, despite efforts in Europe and other markets to provide more open access. These businesses have found it difficult to find reliable banking, especially U.S. dollar-based banks that also have the technology and compliance systems to support them.
“We are excited to be one of the first U.S. digital-only banks focused on international clientele. Many businesses need access to innovative banking and technology solutions and we are well-positioned to meet this rising demand,” said Miles Paschini, CEO of FV Bank.
FV Bank has deployed a state-of-the-art digital banking platform that is free from the constraints of legacy banking systems. FV Bank will include a digital and automated onboarding system that leverages artificial intelligence, mobile phones and machine learning to quickly onboard customers. The platform takes a short video of customers, captures identity information and provides automated screening against various sanctions and anti-money laundering (AML) systems.
Customers can open accounts in as little as 10 minutes, while preserving FV Bank's adherence to the strictest KYC and AML standards. FV Bank is compliant with the US Bank Secrecy Act (BSA), The Office of Foreign Assets Control (OFAC) and other stringent international regulations.
“Our ability to quickly and efficiently onboard customers from a variety of jurisdictions is a clear competitive advantage. We are excited to offer an international audience a modern regulated product that has historically not been accessible to most. The technology we have deployed ensures we can offer a great customer experience while maintaining a high standard of compliance. We have an exciting roadmap that includes issuance of network-branded payment cards, investment products, and instant merchant settlement services,” added Paschini.
FV Bank is available to U.S. and international customers. Customers can apply online at https://www.fvbank.us for a personal or business account.