Joint technology significantly increases the banking compliance and regulatory support of Vesto’s crypto banking-as-a-service platform by using FinClusive’s Compliance-as-a-Service
SAN FRANCISCO, Aug. 25, 2021 /PRNewswire/ — FinClusive, a market leading Compliance-as-a-Service (CaaS) company for financial services, and Vesto, a leader in crypto banking-as-a-service platforms, today announced their strategic partnership to ensure the banking compliance and regulatory support of Vesto’s crypto banking-as-a-service platform. FinClusive’s CaaS is an automated and full-stack financial crimes compliance (FCC) solution that provides best in class KYC/KYB (know-your-customer/know-your-business) capabilities which will enable Vesto to onboard users of its Multi-Signature vWallet, while maintaining the integrity of the entities it transacts with.
FinClusive and Vesto share a common mission to bring banking services to the underserved, while also ensuring enterprise-ready transparency, integrity, and regulatory compliance of crypto banking services. The Vesto Multi-Signature vWallet protects and holds crypto currencies, including stablecoins, and can now provide on / off-ramp liquidity capabilities for fiat currencies globally, with ease and efficiency that can only be attained through FinClusive’s global reach.
Through this partnership, FinClusive will be able to provide sound governance to high return DeFi projects as the financial industry transforms how money is generated, programmed and managed with adaptable, automated, and accessible services. Vesto is one of a handful of companies taking a strict philosophy of performing all transactions “on-chain” and has established a unique leading position with its DeFi, Multi-Signature vWallet, Polygon L-2, Element Finance, USDC, Dai, and BTC—vCore-Infrastructure—that enables the most profitable / revenue generating methods across the financial industry.
FinClusive’s platform combines numerous third-party services and in-house due-diligence capabilities into one service that financial customers can use to automatically screen thousands of sources to ensure international KYC/KYB coverage and enhanced due diligence capabilities to minimize risk and ensure compliance. To bolster that, FinClusive takes a “boots-on-the-ground” approach across 160 countries, in jurisdictions where necessary, to capture sensitive off-line data. Further, FinClusive provides a unique compliance-backed digital identity solution, which enables partners to grant unique digital identities, including the issuance and validation of legal entity identifiers and credentials recognized by financial services providers worldwide. Importantly, FinClusive’s combined accounts and payments (A&P) and CaaS stack enables growing decentralized financial services applications and capabilities with a comprehensive plug-and-play solution that has global coverage.
Both Vesto and FinClusive offer white-label services for their customers, which allows them to adopt and deploy secure, scalable, and enterprise-ready services built for customers to integrate with financial institutions’ own digital banking solutions through Vesto’s robust and performant core-API (Application Protocol Interface). The joint offering provides retail-friendly and highly customizable Web and Mobile Apps, which empower customers to serve clients who were difficult, if not impossible to serve previously.
“We are excited about our partnership with Vesto. The future of financial services is a global and increasingly decentralizing one. Creating a robust and seamless regulatory compliance capability that enables financial servicers of all types will help drive financial inclusion at scale, with the appropriate technology enablements that will also give global regulators the comfort that these services are secure, safe and transparent. With Vesto, compliant-centric financial inclusion can be a reality for providers everywhere,” said Amit Sharma, Chief Executive Officer (CEO) & Co-Founder
“We have always envisioned a global compliance-as-a-service partner to allow Vesto to fully focus on its blockchain research & development, FinClusive is a dream come true!”
Christopher McGregor, Chief Executive Officer (CEO) & Co-Founder.
About FinClusive (www.finclusive.com):
FinClusive is a hybrid financial-/regulatory-technology company that enables digital access to accounts and payments with embedded full-stack financial crimes compliance — in one integrated platform. Our application connects U.S. bank of record partners (for deposit and custody services) and alternative financial services providers, nonbank institutions, corporates, non-profits, and other organizations to conduct cross-border payments over virtual asset/blockchain and traditional bank rails, with global-standard full-service compliance.
As a compliance-first financial inclusion gateway, FinClusive provides comprehensive risk and compliance services for institutions and individuals who are underbanked, unbanked, or otherwise excluded (or “de-risked”) from the formal financial marketplace. FinClusive’s Compliance-as-a-Service (CaaS) includes a wide array of know-your-business (KYB) tools, background due diligence, and organization-verification capabilities to ensure comprehensive understanding, vetting, and monitoring of entities globally. As such, FinClusive addresses financial inclusion by providing the necessary tools required to manage regulatory compliance and serve as a safe and secure financial access and facilitation channel for institutions and individuals globally. Further, FinClusive IDs (FincIDs), built with self-sovereign identity principles to preserve and protect underlying personal identifying information, can assist in adherence to the ‘travel rule’ where a client’s identity must be verified, and service providers must identify original parties and receivers of payments, without disclosing the sensitive information usually embedded in payment instructions.
About Vesto (www.vesto.io):
Vesto has developed the most advanced crypto banking-as-a-service platform on the planet through the integration of several distinct but powerful components including smart contracts, blockchain, stablecoin, fiat on / off ramp bridges, a secure multi-signature wallet, decentralized finance services (“DeFi”) technology and powerful KYC and AML solutions. Peace of mind is a vital focus for Vesto with security a cornerstone of the solution architecture combined with both rigorous independent security assessment and consumer deposit protection insurance. Available to banks and financial institutions as a white label solution, the Vesto platform provides a simple user experience (UX), unlocks access to a new generation of financial products, while simultaneously managing reporting for regulatory, risk and compliance purposes.
Remittance Vertical Focus: Vesto’s crypto banking-as-a-service platform, with main digital assets: USDC, BTC, and Dai, out performs any other monetary transfer platform / rails on the planet. Vesto’s transactions are executed in seconds 24/7, with the lowest transaction fees in the industry. Vesto offers insurance on all crypto deposits, avoids dealing in fiat cash, and provides the ability to gain high interest yield on stablecoin DeFi deposits, compared to no interest dealing only in cash fiat, and stabilization of local fiat currencies globally.
Coincover: Vesto is partnered with UK-based Coincover to provide cold storage protection services as the ultimate safety net to protect crypto assets on deposit with Vesto’s Multi-Sig vWallet. Via Coincover, all crypto assets on deposit are insured and underwritten by Lloyd’s of London Insurers.
For press enquiries contact:
Prof. Carsten Bartsch, PhD
Chief Marketing Officer, Vesto
Vesto LLC – San Francisco, Vesto GmbH – Munich, Vesto Technologies Ltd. – London, Vesto SA de CV – Mexico City. ©2021. All rights reserved. Platform and tech covered by pending patent applications.