RYVYL Experiencing Growing Demand for its Bank-as-a-Service (BaaS) Solution
SAN DIEGO, CA, April 11, 2023 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL" or the "Company"), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, announced today the Company’s innovative Banking-as-a-Service (“BaaS”) solution is experiencing rapid growth. Six global financial institutions have already signed up as partners and are projected to process more than $100 million in monthly transactions through the BaaS infrastructure when fully ramped up.
The new partnerships includes 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. Previously, financial companies had fewer BaaS options that met their needs in a fast-paced, high-volume global economy. Payments had to be made using an intermediary that piled on additional fees, didn’t allow transactions to go through during non-business hours, and was slow and hard to trace.
These financial institutions chose to partner with RYVYL in the aftermath of major bank failures, citing RYVYL’S innovative infrastructure as a robust, compliant, and superior BaaS solution compared to what was available in the market in the past.
RYVYL’s BaaS solution offers API integrations and foreign exchange (FX) capabilities in more than forty different currencies with local settlements; authorizes transactions 24 hours per 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. By the end of the year, we expect to have a full global payments platform covering over one hundred local currencies and local settlements.
“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 Fredi Nisan, RYVYL Co-Founder and Chief Executive Officer. “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.”
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) 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® stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017 in San Diego, 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.
Cautionary Note Regarding Forward-Looking Statements
This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding the timing of the filing of the aforementioned periodic reports. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the completion and filing of the aforementioned periodic reports will take longer than expected and that additional information may become known prior to the expected filing of the aforementioned periodic reports with the SEC. Other risk factors affecting the Company are discussed in detail in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
Investor Relations Contact
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
