Slowly but surely, cryptocurrency is being accepted by the larger crowd. Private financial institutions have begun offering crypto-based services to their customers. Some famous banks have started the process of integrating cryptocurrency into their system. They want to attract more users, especially crypto lovers.
While the trend is picking pace, it is essential to understand the process involved to start your own cryptocurrency bank. Banks will need to upgrade the existing software and use new software that allows their customers to initiate both fiat and crypto transactions. The conversion, the time taken, and the availability of the facility, etc. depend on the kind of software that the banks use.
This post is dedicated to understanding the requirements to establish crypto banking services in the market.
Features offered by a crypto banking software solution
1. Bank Account
The first stage would invariably be the bank account. A user has to create an account to deposit, withdraw, and initiate transactions using fiat or cryptocurrency. Before that, the bank itself needs an identification number (SEPA and SWIFT code) that helps in identifying the bank during an international transaction in European countries and across the globe. The unique identification number is followed by the unique IBAN (bank account number) for each user/customer. From setting up KYC options to ensuring that the user has been verified and the account is protected, the software handles the necessary processes.
2. Debit Card
The debit card should not just let the customers make fiat payments. It should also allow them to spend cryptocurrency to pay the bills or place orders for products and services. The debit card should be accepted internationally so that users do not have to worry about converting money from one currency to another.
3. Credit Card
Financial transactions in today’s world are hardly restricted to a single country or region. They have gone global, with pending lending and borrowing money across the international borders. While credit cards have made the process easy, cryptocurrency can further simplify the transactions and speed up the process. Institutions that wish to build digital asset banking solution should ensure that they offer a trading account to their users that facilitate them to make multi-currency payments (including crypto).
4. Remittances and Payments
The purpose of a bank account is to provide users with a safe place to store their money and make payments. Depositing and withdrawing money from a bank account is as common as breathing. Apart from regular fiat transactions, the software should allow crypto transactions as well, that too, on an international level. Borderless payments should be simple, easy, fast, and secure. And this requires a payment gateway integration, which should also be taken care of by the software.
5. E-wallets with User Control
E-wallets can be used to store fiat and cryptocurrencies. We know that crypto exchanges provide each user with an e-wallet for them to deposit, store, and sell various cryptocurrencies. The bank can also offer them the same. Give users/customers control over the e-wallet. Allow them to choose private keys to increase security. Let them decide how and where they want to save their funds or trade them (fiat and crypto).
6. Trading Desk for Cryptocurrency
Why let customers go to another exchange to trade cryptocurrency? Provide them with a trading desk to directly use the money in their bank accounts to buy and sell crypto. Rather than transferring the money from the bank account to the e-wallets on a crypto exchange, let users use the same account for everything. The white label crypto banking software can make this happen with ease.
Conclusion
The software developers provide comprehensive solutions that take care of the front-end, backend, and APIs connecting all operations across the institution. Banks, financial institutions, and entrepreneurs who wish to make the most of crypto’s popularity can contact the leading white-label crypto software developers for more information.
Antier Solutions is a leading blockchain development company that has the knowledge, experience, and expertise to build digital asset banking solution.
We provide complete solutions – from guiding on compliance to acquiring a bank license to providing a white label banking ecosystem packed with all essential banking functions, including bank accounts, credit/debit cards, payments, trading, lending, and user onboarding.
Schedule a free demo of our white label crypto banking development software or connect with our subject matter experts to share your business needs.
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