RYVYL (NASDAQ: RVYL), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, is reporting that its Banking-as-a-Service (“BaaS”) is seeing rapid growth. The company provided an update, noting that six global institutions have already signed up as partners and are expected to process more than $100 million in monthly transactions through RYVYL’s BaaS infrastructure when fully ramped up. According to the company, the institutions include the following: Paydek, one of the leading corporate payment providers in the world; Xace, a banking alternative for the gaming sector; DBank, an international banking institution; JN Bank, a Foreign Exchange bank; Fundstr, a payment solution for businesses and individuals; and Commonwealth Bank & Trust. RYVYL observed that before its BaaS offering, financial companies had fewer BaaS options that met their needs as payments had to be made through an intermediary, which added fees and didn’t allow transactions during nonbusiness hours. RYVYL’s BaaS solution features API integrations and foreign exchange (“FX”) capabilities in more than 40 different currencies with local settlements; authorizes transactions 24 hours a day on business days; enables payouts by way of approved methods such as real-time payment (“RTP”) or direct deposits; and allows the ability to readily trace transactions and reduce fraud, all while maintaining strict compliance requirements. The company anticipates having a full global payments platform covering more than 100 local currencies and settlements by the end of this year. “RYVYL removes the middleman in many traditional banking operations and allows corporations to conduct the volume of business they need to, in a way that’s still fast, easy, and secure,” says RYVYL cofounder and CEO Fredi Nisan in the press release. “BaaS is the future of global banking, and we’re excited to be an enabling service provider in a space that rapidly emerging and reaching new customers every day.”
To view the full press release, visit https://ibn.fm/dwDOX
About RYVYL
RYVYL was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business and peer-to-peer payment transactions around the globe. By leveraging unique blockchain security and USD-pegged stablecoin technology with near real-time attestation, RYVYL is reinventing the future of financial transactions using its coyni(R) stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants and consumers around the globe. For more information about the company, please visit www.GreenBoxPOS.com.
NOTE TO INVESTORS: The latest news and updates relating to RVYL are available in the company’s newsroom at https://ibn.fm/RVYL
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