Digital and Crypto Banking

Digital banking as a service has been adopted dozens of years ago and brought considerable convenience for both financial institutions and their customers.

While bank customers save their precious time with banking on-the-go, financial institutions can save on physical infrastructure and hiring costs by digitizing significant parts of their customer service operations. The recently emerged social distancing requirements have saturated the necessity of providing qualified banking services to customers entirely remotely.

Digital banking has opened up new marketing opportunities, revenue sources, and service channels for financial institutions.

Our digital and crypto banking solution with multi-layered security architecture helps financial institutions take advantage of digital transformation by ensuring frictionless usage experience, customer trust, and regulatory compliance.

As the first defense line, we ensure strong customer authentication combined with robust risk management in an ideal balance between a user-friendly and secure online experience.

What is Digital Banking?

Digital banking (also known as "online banking" or "web banking") is an electronic payment system that enables customers of a bank or other financial institution to conduct financial transactions, obtain bank statements, and perform other related operations.

The online banking system will connect the customer to the central banking system operated by a bank. For the past decades, most financial institutions have been transforming banking products and services to fit within the new digital age, making them more accessible, easier to understand, and quicker to manage.

What is Crypto Banking?

The term "crypto-friendly bank" is relatively new in the finance world and has been adopted by businesses and individuals who handle payments originating from cryptocurrencies for value storage and ease of cross-border settlements.

With PayPal's adoption of Coinbase transactionsmoving finances related to Bitcoin, Ethereum, and other cryptocurrencies to the bank accounts can already be considered an established financial product.

The term also relates to the new breed of regulated cryptocurrency banks, offering interests on savings accounts and other financial products and services for holders of cryptocurrencies.

What can you do with Digital and Crypto Banking Software?

You can operate a next-generation online crypto banking platform with easy access to both government-issued currency assets and a new breed of digital cryptocurrency assets.

The applications of distributed ledger technology in the banking sphere are numerous -

  • Inherit classic financial products: Support for all classic banking products such as deposits, withdrawals, transfers, checking/savings accounts, insurance products, loan management, bills payment and accounting services.

  • Instant cross-border transfers: With both common and crypto currencies under your fingertips, transferring and converting funds between countries has never been easier.

  • Access to continually growing crypto market: Direct access to the Blockchain ecosphere opens a whole new market to offer new and existing banking products to the cryptocurrency holders.

  • Business and personal accounts in multiple currencies: Currency exchange and circulation is the lifeblood of banking systems. The introduction of additional cryptocurrencies brings the demand for money exchanging operations by crypto banking customers to a whole new level.

  • Identity and compliance verification: As a regulated financial service, manage in-house client verification, or use convenient API endpoints to enable any outsourced third-party verification service, like Identance for KYC and Bitfury Crystal for the source of crypto funds monitoring.

  • Debit and credit card management: Issuing and managing virtual and plastic debit and credit cards for your customers are as comfortable as plugging an additional application on the server to access a third party debit card provider or enable an in-house solution.

  • Large-scale investing: Access to Blockchain smart contracts technology combined with routine financial flows opens many opportunities for small- and large-scale investments for digital bank account holders, managed by the digital banking system.

  • Financial analytics, planning and advice: Provide your business and personal customers pinpoint analytics and advisory service for banking management, investment opportunities, retirement planning, insurance products, credit programs, debt repayment, tax planning, and other financial products.

New-generation digital banking for new digital world with OpenBank

OpenBank Digital and Crypto Banking Platform is a robust solution to deploy a secure and highly customizable FinTech software-as-a-service (SaaS).

Since the platform is modular and open-source under private libraries, it is easy and cost-effective to support in-house maintenance and development of additional features for the evolving financial market conditions.

Let's talk about your digital banking project!

Fast, stable and scalable technology combined with proper risk management makes OpenBank a great engine to power up your digital banking platform.

Talk to technical sales for more details on platform architecture and a free online banking platform demo.

You can also have a more detailed read through Openware Blockchain development SDK resources on module architecture and unlimited possibilities of Ethereum applications and smart contracts for banking software.

Want to develop a digital and crypto banking platform like Xace with us? Welcome to Openware GitHub!