How to choose the best crypto-friendly bank for business
The global market appetite for cryptocurrencies continues to grow around the world. Triple A, a cryptocurrency payments company, reported in 2021 that India had the highest number of cryptocurrency owners exceeding more than 100 million individuals, while Ukraine had the highest percentage of owners based on population, representing 12.73%.
With more than 300 million users of cryptocurrency worldwide and a variety of other digital assets used for investment, payment and transaction purposes, institutions must carefully perform their due diligence to identify banking institutions that can support their operations. This goes beyond evaluating and determining which of a select group of banks can support current operations, and should include evaluating available technology and personal service to support scalability and agility to meet future demands.
With experience gained from working with approximately 100 of the leading cryptocurrency and digital asset institutions – which include exchanges, custodians, integrators, miners, institutional finance companies and other digital asset organizations – Customers Bank realizes that institutions must consider the following main pillars when evaluating a cryptocurrency or digital asset real-time payment platform:
- Settlement speed
- Cross-border payments
- Easy access to reporting
- Strength of on- and off-ramps for fiat currency
These common pillars have become table games across the industry, but not all banks are able to deliver the same speed, scale or superior customer experiences as Customers Bank. The Digital Asset Banking team understands that the priority is to be able to move money abroad and across borders with quick settlement and efficient reporting.
The bank’s instant payment platform using its branded Customers Bank Instant Token (CBITTM) has a sharp, user-friendly solution that provides right-through processing, same-day settlement, and strong entry and exit to fiat currency that larger financial institutions cannot guarantee. If a client needs to send money across national borders, the bank can arrange for it today.
As a leading digital and fintech-forward bank, the digital asset banking team provides Customers Bank’s signature single-point-of-contact model to customers supported by best-in-class technology capabilities. The team offers a one-to-one service to listen to and understand the problems experienced elsewhere, spot opportunities to provide better service, and offer a direct link to the service team to resolve past deficiencies.
With a larger dedicated digital asset banking team, Customer Bank provides personalized service to customers while maintaining operational flexibility to serve new customers. Clients know that the team understands what they are looking for and that they will not be seen or treated as just another account lumped together in a mix of similar businesses.
About the author: Daniel Devine is the SVP of Digital Asset Product Development at Customers Bank – a fintech committed to providing the best services for businesses trading in cryptocurrency.
