FV Bank Revolutionizes Business Payments with Launch of Virtual Accounts
FV Bank has launched a Virtual Account tool to simplify incoming payments for businesses. This feature allows unique account numbers for each client, automating tracking and reducing errors. It accepts various payment methods like USDC stablecoin deposits and international wires, enhancing processing speed and transparency.
CEO Miles Paschini notes the tool’s aim to automate funds attribution and compliance, benefiting businesses dealing with numerous client payments. The Virtual Account structure also improves KYCC capabilities for added security and transparency in transaction monitoring.
Key features of FV Bank’s Virtual Account solution include unique account numbers, support for various payment methods, API integration, robust reporting tools, and enhanced KYCC controls. This service is particularly useful for regulated businesses, marketplaces, and payment processors handling high payment volumes.
FV Bank’s Virtual Accounts offer a modern solution for financial institutions and fintech companies navigating changing regulations and increasing payment volumes. The bank plans to continue introducing technologies to help businesses operate securely and efficiently in a digital-first economy.
Read more at Yahoo Finance: FV Bank unveils virtual accounts for payment automation