FV Bank Announces Launch of VISA Debit and Corporate Expense Cards at Money 20/20 USA

Rhea-AI Summary

FV Bank has partnered with Visa to launch new debit and corporate expense cards at Money 20/20 Las Vegas. The cards, available to U.S. and international customers, provide access to both fiat and digital asset custody balances. As a principal Visa member, FV Bank's cards support global transactions across millions of merchants and ATMs, featuring magstripe, chip, and contactless payments. The service represents the first integrated solution combining digital asset custody, banking, and card issuance. Customers can fund their cards through USD deposits, USDC stablecoin with auto-conversion, and by converting various cryptocurrencies like Bitcoin and Ethereum held in custody accounts.

Positive

• First-to-market integrated solution combining digital asset custody, banking, and card issuance
• Global payment accessibility through Visa's merchant and ATM network
• Multiple funding options including both traditional USD and cryptocurrency conversions
• Real-time expense management and control features for corporate cards

Negative

• None.

Insights

Financial Technology Analyst

The launch of VISA debit and corporate expense cards by FV Bank represents an incremental positive development for Visa's payment ecosystem expansion. This partnership enhances Visa's presence in the digital asset space by bridging traditional banking with crypto custody services. The integration of digital asset conversion capabilities with standard debit card functionality creates a unique value proposition in the market.

The key strategic advantage lies in FV Bank's position as the first vertically integrated provider combining digital asset custody, banking and card issuance. This could drive increased transaction volume across Visa's network, particularly from crypto-native businesses and international customers seeking seamless fiat-crypto payment solutions.

However, the immediate revenue impact for Visa will likely be modest given FV Bank's relative size compared to Visa's global operations. The partnership's main value lies in strengthening Visa's competitive position in the evolving digital asset payments landscape.

SAN JUAN, Puerto Rico & LAS VEGAS--(BUSINESS WIRE)-- FV Bank, in partnership with Visa, has today announced at Money 20/20 Las Vegas (October 27-30), the launch of FV Bank’s new debit cards and corporate expense cards. Available to both U.S. and international customers and businesses, the individual debit cards and corporate expense cards can be used worldwide, providing individuals and businesses with seamless access to their FV Bank fiat and digital asset custody balances offering global payment convenience and enhanced financial flexibility.

This service is the first vertically integrated offering where a digital asset custodian, bank and card issuer will offer a comprehensive and integrated solution to its clients.

As a principal member of VISA, FV Bank Visa debit cards support transactions across millions of merchants and ATMs globally, allowing for payments via magstripe, chip, and contactless options. Additionally, cardholders can easily manage their accounts through FV Bank’s online banking portal or mobile app, where they can view transactions, set spending limits, change PINs, and disable transactions with ease.

"We are very pleased to introduce our new Visa debit cards to FV Bank’s international client base, which will provide our customers with easy access to their funds worldwide and greater payment flexibility," said Miles Paschini, CEO and co-founder of FV Bank. "This marks a significant milestone in our commitment to offering innovative and integrated digital banking solutions for both traditional and digital assets."

The corporate expense cards provide businesses with an advanced financial solution for managing corporate funds, offering full control and oversight of employee expenses. Businesses can order cards for authorized users, set individual spending limits, and track transactions in real-time through FV Bank’s platform.

FV Bank's new VISA debit cards allow customers to:

• Pay online, tap or swipe at merchants around the world.
• Withdraw cash from ATMs globally.
• Spend funds in real-time from their linked FV Bank USD accounts, making it easier to manage finances on the go.

"We are very pleased to work in partnership with FV Bank to launch the new Visa debit and corporate expense cards, available worldwide to international customers,” said Luis Guerra, Country Manager Visa Puerto Rico. “These two types of credentials, Debit and Corporate, leverage FV Bank's digital banking capabilities and its benefits for consumers, both individuals and businesses. These cards provide seamless access to FV Bank and offer global payment convenience and enhanced financial flexibility."

FV Bank now offers multiple ways for customers to fund their VISA debit cards, including:

• USD
• USDC stablecoin deposits, with auto-conversion
• Conversion of digital assets held in custody accounts like Bitcoin (BTC), Ethereum (ETH), USDC, USDT, POL, DOGE, and DOT directly to USD using FV Bank’s Convert feature

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

About FV Bank

FV Bank is a fully licensed and regulated bank offering a vertically integrated suite of digital asset and traditional banking services. With a focus on innovation, security, and compliance, FV Bank is Banking the Future by providing USD banking, digital asset custody services, money market accounts, and crypto-to-fiat conversion, all accessible via a single, unified platform.

For more information about FV Bank’s new VISA Debit Cards and other services, please visit https://fvbank.us/cards.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241028068557/en/

Media

David Lewis

The Top Floor Public Relations

david@thetopflooragency.com

Source: FV Bank

FAQ

What new products did FV Bank announce at Money 20/20 USA 2023?

FV Bank announced the launch of Visa debit cards and corporate expense cards, offering both U.S. and international customers access to their fiat and digital asset custody balances for global payments.

What cryptocurrencies can be converted to fund FV Bank's new Visa cards?

Customers can convert Bitcoin (BTC), Ethereum (ETH), USDC, USDT, POL, DOGE, and DOT held in custody accounts to USD using FV Bank's Convert feature.

What features are included in FV Bank's new Visa corporate expense cards?

The corporate expense cards offer business expense management features including setting individual spending limits, ordering cards for authorized users, and real-time transaction tracking through FV Bank's platform.