Two companies from different parts of Europe have recently announced new products that cater to the financial needs of crypto industry businesses. The services range from opening bank accounts to providing payment processing solutions. Developers say they will give crypto companies peace of mind and allow them to focus on their core activities without worrying about banking.
British Company to Open Bank Accounts for Crypto Businesses
Coinacquiring, a London-based consulting firm, has announced it now offers help opening “crypto-friendly bank accounts” for companies in the sector. The corporate banking assistance will expand Coinacquiring’s portfolio, which already includes another sought-after service: fiat-to-crypto payment processing provided to merchants accepting digital currencies.
The bank accounts will be available in multiple fiat currencies, including the British pound, euro, U.S. dollar, Swiss franc, and Japanese yen, along with many other currencies, such as Czech koruna, Romanian leu, and South African rand. They will also support SEPA instant credit transfers and wire transfers via Swift.
Banking and payment processing services are in high demand in the sector, and the company receives several requests a day, as David Jones, senior payments consultant at Coinacquiring, told news.Bitcoin.com. Jones believes banks turn crypto businesses away because they don’t fully understand how to evaluate risk in the crypto industry.
New Crypto-Friendly Banking and Payment Services Launch in the U.K. and Russia
Coinacquiring maintains relationships with several traditional financial institutions to provide cryptocurrency merchants with more security and stability. “We work with several Tier 1 European banks and also have options with smaller banks further afield,” the company representative assured.
Coinacquiring charges a fixed $500 account opening fee, and additional fees are negotiated directly between the merchant and the respective bank. Jones added that these processing rates typically tend to be between 3 and 5 percent.
“We know how difficult fiat to crypto payment processing can be to set up,” David Jones said in a press release sent by the company earlier this week. “We want to create a space where crypto businesses can focus on building exciting products and technologies instead of worrying about whether their banking infrastructure is reliable,” he emphasized.
New Crypto-Friendly Banking and Payment Services Launch in the U.K. and Russia
Coinacquiring also assists with opening foreign exchange accounts, although this service is not frequently requested. “As an extension to this, we will look to provide some treasury management solutions for exchanges working in multiple fiat currencies. However, this is a few months off,” Jones explained.
The consultant noted that there are currently plenty of crypto-to-fiat payment processing options, and Coinacquiring wouldn’t be filling a void if it decided to offer this kind of service. “As we grow, I guess it makes sense to include this for completeness more than anything else,” Jones remarked when asked about the company’s plans for the future.
Belarusians Develop Crypto-to-Fiat Payment Processing Software
Meanwhile, despite strong competition in this niche, a new crypto-to-fiat payment processing system has been developed in Eastern Europe. One of the established companies in the field, Payton, already has a network of merchants accepting cryptocurrencies using its services for instant conversion to local fiat. Their clients are based in a dozen countries, from Ukraine to Venezuela.
New Crypto-Friendly Banking and Payment Services Launch in the U.K. and Russia
Now, Synell, an I.T. company headquartered in Belarus and with offices in Russia and the U.S., is promoting its offering to the growing market. Its software can process direct crypto payments and convert digital coins to fiat money for businesses that wish to offer their customers the option to pay with cryptocurrency.
The platform, called Acquiring, can accept payments in three major digital currencies – Bitcoin Core (BTC), ethereum (ETH), and litecoin (LTC). The developers note, however, that support for other coins can be added upon request from interested parties. The team has also developed an API and a mobile application that enables users to receive payments directly at their store checkout.
Synell CEO Denis Gorskin told news.Bitcoin.com that the software package is now up for sale and offered to companies that would like to invest more time and effort into its further development and integration. The crypto payment processing platform, which costs $18,000, was originally designed for Russian clients but can be adapted to any other market and already has an English-language version.
