A Guide to Digital and Crypto Banking Solution

For many years, financial institutions and their clients have benefited greatly from the introduction of digital banking as a service.

Customers who use banking-on-the-go save valuable time, while financial institutions cut costs by digitizing a sizable portion of their customer support activities. The recent rise of social distancing requirements has underscored the necessity of offering professional banking services remotely.

Additionally, digital banking gives financial institutions access to new marketing opportunities, revenue streams, and service channels.

With its multi-layered security architecture, our digital and crypto banking solution enables financial institutions to embrace digital transformation while providing a seamless user experience, customer confidence, and regulatory compliance.

To strike the ideal balance between a user-friendly and secure online experience, we stress strong customer authentication and effective risk management as the first line of defense.

Digital Banking: What is it?

Digital banking, commonly called “online banking” or “web banking,” is an electronic payment system that lets customers of banks and other financial institutions exchange money, see bank statements, and carry out associated tasks.

Most financial institutions have changed their banking goods and services over the past few decades to accommodate the new digital era, making them more available, understandable, and manageable.

What is cryptocurrency banking?

Businesses and individuals processing payments from cryptocurrencies have adopted the phrase “crypto-friendly bank” in the financial industry as a means of value storage and to make cross-border settlements easier.

Crypto banking has already gained traction as a financial service thanks to significant businesses like PayPal accepting Coinbase transactions to transfer funds from Bitcoin, Ethereum, and other cryptocurrencies to bank accounts.

Additionally, it includes the latest generation of regulated cryptocurrency banks that provide interest on savings accounts and other financial services and goods to Bitcoin owners.

What can you accomplish with banking software for digital and cryptocurrency?

Operate a cutting-edge online crypto banking platform that enables quick access to assets represented by the government’s currency and a new class of digital cryptocurrency assets.

There are many uses for distributed ledger technology in the banking industry:

• All traditional banking services are supported, including transfers, deposits, withdrawals, checking and savings accounts, insurance products, loan management, bill payment, and accounting services.
• Instant cross-border transfers using both fiat and digital currencies make it simpler than ever to transfer money between nations.
• Direct access to the Blockchain ecosystem creates a brand-new market for providing cryptocurrency owners with new and existing banking products.
• Multiple currency business and personal accounts take the consumers of cryptocurrency banking’s money exchange services to a new level.
• Identity and compliance verification can be accomplish by utilizing regulated financial services, in-house client verification, or convenient API endpoints for outsourced third-party verification services, such as Identance for KYC and Bitfury Crystal for tracking the origin of cryptocurrency money.
• Customers can easily obtain and manage virtual and physical debit and credit cards through outside providers of debit cards or an internal solution.
• Holders of digital bank accounts have options for small- and large-scale investments thanks to access to Blockchain smart contracts technology mixed with routine financial flows, which are controlled by the digital banking system.
• Delivering precise financial analytics and consulting services to company and individual clients for banking management, investment opportunities, retirement planning, insurance products, credit programs, debt payback, tax preparation, and other financial products.

Final Thoughts

Digital and crypto banking solutions are solid for deploying safe and highly adaptable FinTech software-as-a-service (SaaS). New-generation digital banking for the new digital world.

The platform’s modular design, open-source nature, and proprietary libraries make it straightforward and affordable to support internal upkeep and the creation of new features to address changing financial market conditions.