Components of a Crypto Friendly Mobile Banking Solution
it is quite impossible to find a person without a smartphone even in a
middle-income country. The scope for mobile application development is much
greater than that of desktop apps. It is because smartphones have a vast range
of hardware options to work on.
banking using cryptocurrency is rapidly growing into a burgeoning market
comprising both large and small companies.
you are planning to create your own crypto bank,
this post will help you understand the requirements to build the best one in
Components of a Crypto Banking Software Solution:
1) Customer Onboarding and Identity Management
involves Know Your Customer (KYC) and Anti-Money Laundering (AML) checks across
several departments. The process needs to be highly secure to safeguard customer’s
data. Blockchain can streamline this process and make it more secure,
convenient, efficient, and transparent.
current process of cross-border payments requires third-party involvement to
perform the transfer. This leads to higher transaction costs, involvement of
intermediaries, and significant delay in settlement.
banks, which use cryptocurrencies for cross-border transactions, make the
transactions quick and less expensive by eliminating any third-party
3) Smart Contract Management
smart contract consists of rules and regulations related to an agreement. Smart
contracts enable companies offering crypto-friendly banking services to
automate and manage processes like credits and mortgages, loans, trading, and
4) Clearing Settlements
Blockchain helps reduce operational costs and enables real-time transactions. It offers multifarious benefits, such as minimum latency in settlements and better transparency and security. Crypto friendly mobile banking solution providers are harnessing the potential of blockchain to speed up the clearing and settlement process for their customers.
5) Loan, Credit, and Mortgage
smart contracts can revolutionize the way loans, credits, and mortgages are managed.
They create a shared copy of an agreement with a certified trail. This makes
the process of releasing funds easy while ensuring faster settlement, better
traceability, and rapid transfer of titles.
To Sum Up
is disrupting the banking sector. Many enterprises, financial institutions, and
start-ups have realized the power of crypto banking software solutions and
started serving their customers. These solutions offer immense benefits like
transparent and secure transactions, lower costs, reduced settlement time, and
Solutions is a top blockchain development company with the experience,
expertise, and knowledge to deliver crypto banking software solutions.
We provide complete solutions – from guiding on how to create your own crypto bank and acquiring a bank license to providing a white label banking software packed with all essential banking functions, including bank accounts, credit/debit cards, payments, trading, lending, and user onboarding.
a free demo of our white label crypto banking development software or connect
with our subject matter experts to share your business needs.