FV Bank, a US-regulated digital bank that focuses in both traditional and digital asset banking services, has introduced its new Virtual Account function, which is intended to assist businesses simplify and streamline the process of crediting incoming foreign and domestic payments.
The Virtual Account tool enables entities to create unique, dedicated account numbers for each of their clients or counterparties. These statistics can then be utilised to automatically track and match incoming money, eliminating the need to perform manual reconciliation and greatly lowering the possibility of errors.
Additionally, the solution accepts a wide range of payment methods, such as USDC stablecoin deposits, domestic wire payments, ACH transfers, and international SWIFT wires. Faster processing and more transparent tracking are made possible by the automatic attribution of each transaction to the appropriate counterparty.
Miles Paschini, CEO of FV Bank stated: ‘Our mission at FV Bank is to bring integrated accessibility and efficiency to modern banking. With the launch of Virtual Accounts, we are addressing a real pain point for our customers – automating the attribution of incoming funds and eliminating manual reconciliation, while materially improving our compliance capabilities. This feature empowers our clients to scale their operations with confidence, while maintaining the transparency and control they need in today’s fast-moving global economy.’
For many businesses, reconciling incoming payments from a large number of clients has long been a manual and error-prone task. FV Bank’s new feature aims to eliminate that bottleneck.
The Virtual Account structure also boosts the bank’s compliance processes by boosting KYCC (Know Your Customer’s Customer) capabilities, providing an additional layer of protection and transparency to transactional monitoring.
Key features of the Virtual Account solution include:
Unique virtual account numbers for each counterparty
Support for incoming international wire (SWIFT), ACH, Domestic Wires and Stablecoin. Deposits
API availability for integration into client platforms
Robust reporting tools
Enhanced KYCC and monitoring controls
Furthermore, the new service is likely to benefit firms who handle big amounts of customer payments on a regular basis. This includes:
Regulated businesses such as law firms, asset managers, and fintech’s that require clear segregation and attribution of incoming client funds
Marketplace and platform businesses, exchanges, and payment processors that need to efficiently reconcile high volumes of incoming payments
finance.yahoo.com
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