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American Focus > Blog > Economy > FV Bank unveils virtual accounts for payment automation
Economy

FV Bank unveils virtual accounts for payment automation

Last updated: July 9, 2025 3:30 am
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FV Bank unveils virtual accounts for payment automation
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FV Bank, a leading US-regulated digital bank specializing in traditional and digital asset banking services, has rolled out its innovative Virtual Account feature to help businesses streamline the process of receiving foreign and domestic payments.

The Virtual Account tool allows businesses to generate unique account numbers for each client or counterparty, enabling automatic tracking and matching of incoming funds. This eliminates the need for manual reconciliation, reducing errors significantly and enhancing operational efficiency.

Moreover, the Virtual Account solution supports a wide range of payment methods, including USDC stablecoin deposits, domestic wire payments, ACH transfers, and international SWIFT wires. By automatically attributing each transaction to the appropriate counterparty, faster processing and transparent tracking are made possible.

Miles Paschini, CEO of FV Bank, emphasized the bank’s commitment to providing integrated accessibility and efficiency in modern banking. He stated, “With the launch of Virtual Accounts, we are addressing a real pain point for our customers by automating incoming fund attribution and eliminating manual reconciliation. This feature empowers our clients to scale their operations confidently in today’s fast-paced global economy.”

The Virtual Account structure not only streamlines payment reconciliation but also enhances the bank’s compliance processes by strengthening KYCC capabilities. This additional layer of protection and transparency in transaction monitoring ensures a secure and compliant banking environment.

Key features of the Virtual Account solution include:

– Unique virtual account numbers for each counterparty
– Support for various payment methods such as international wire (SWIFT), ACH, Domestic Wires, and Stablecoin Deposits
– API availability for seamless integration into client platforms
– Robust reporting tools
– Enhanced KYCC and monitoring controls

See also  ‘THE GLOVES ARE OFF’: Dutch Conservative Firebrand Geert Wilders Unveils a New Comprehensive 10-Point Plan To Secure Borders and Radically Curb Illegal Mass Migration |

This new service is particularly beneficial for businesses handling a high volume of customer payments regularly, including regulated firms like law firms, asset managers, and fintech companies requiring clear segregation and attribution of incoming client funds. Marketplace and platform businesses, exchanges, and payment processors that need to efficiently reconcile a large number of incoming payments can also benefit from the Virtual Account solution.

As financial institutions and fintech companies adapt to evolving regulatory requirements and increasing payment volumes, technologies like FV Bank’s Virtual Accounts offer a modern solution to long-standing operational challenges. FV Bank remains committed to introducing innovative technologies to help businesses operate securely and efficiently in a digital-first economy.

“FV Bank unveils virtual accounts for payment automation” was originally published by Private Banker International, a GlobalData-owned brand.

Please note that the information provided is for general informational purposes only and should not be considered as professional advice. It is recommended to seek professional advice before making any decisions based on the content provided.

TAGGED:AccountsautomationBankpaymentUnveilsvirtual
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