More and more companies are realising the need to introduce innovative products that solve pain points of the current market. Meet Advcash, another company that has integrated a breakthrough solution from Mercuryo – Banking-as-a-Service (BaaS).
Advcash is an electronic payment and digital currency platform offering services for individuals and online businesses. It has partnered with Mercuryo, a cryptopowered global payments infrastructure provider, to equip its users with virtual IBANs, becoming the second company in less than three months to have implemented this solution.
Mercuryo`s BaaS assists platforms in issuing banking products through integrations and licensing, making use of virtual IBANs for EU and UK residents. This innovation enables any business, be it a DEX or an investment app, to open full-fledged bank accounts, letting customers store, transfer, and pay with fiat. Users can also convert fiat funds to crypto within the same account.
Mercuryo believes IBANs are key to securing frictionless cross-border payments for fiat settlement and fiat-crypto transactions. The company’s research shows that 57% of customers in the US and UK are more likely to choose a bank that offers crypto services on top of traditional finance. Utilising the BaaS product allows crypto-native platforms, as well as traditional companies, to integrate both fiat payment infrastructure and crypto gateway.
Petr Kozyakov, Mercuryo’s Co-Founder and CEO, commented on the integration: “Mercuryo team has been hard at work over the last few months to bring Banking-as-a-Service to the market. I am incredibly excited about Advcash becoming our partner in integrating this white-label product for millions of users, and I have no doubt this partnership will be a stellar use case for the future of the embedded finance industry.”