Vancouver-based company NetCents
Technology launched its Crypto Banking Stack (CBS)
for financial institutions on Wednesday, March 7. These newly released rails
will integrate crypto transactions, accounts and other functionalities with the
existing banking platforms.
One step closer to crypto
With the help of NetCents’ CBS, financial institutions like banks and money service providing companies will able to use cryptocurrency functionality with their existing infrastructure. NetCents wrote in a press release,
“Once integrated through the CBS API, Financial Institutions will be able to offer their customers crypto banking services accessible via their current online bank profile. The crypto bank accounts will have the same functionality as standard checking and savings accounts.”
These crypto enabled bank accounts will have the ability to add multiple wallets/accounts, deposit, withdraw, view transactions and make payments. Users can link their crypto bank accounts to their existing debit cards as well. They will be able to convert their fiat balances to crypto and vice versa. Initially, it will support Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Are financial institutions ready for the change?
The financial institutions will have to make minor changes to their legacy systems to make use of these crypto functions. Doing this eliminates the need to create/develop in-house cryptocurrency processing technology. It also helps banks in reducing costs for a crypto ready processing solution and save time in implementing crypto-related technologies.
Top financial institutions are
now becoming curious for cryptocurrencies .
Last month, Brandon Watkins of the Investment Banking Division of Goldman Sachs
said that the new digital finance platform is following a customer-centric
approach to build and scale more quickly and efficiently. The bank sees cryptocurrency
playing a role in the “bank of the future.” Bank officials encouraged the
adoption of latest fintech like cryptocurrencies to scale better.
The change is happening at the
time when it a fintech
market is developing where tasks earlier attributed to banks are being
processed without these entities.
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