Finance & Economics

Xapo Bank Integrates With UK Faster Payments

Xapo Bank, a leading bitcoin custodian, and the licensed private bank announced integration with the Fast Payments system (FPS).

Xapo Bank Integrates With UK Faster Payments

Source: Pixabay.com

This integration will allow a private financial institution to offer zero commission payments 24/7 – 365 in the United Kingdom and Overseas Territories. The bank’s customers will be able to send funds for up to 1 million pounds in real-time according to a convenient and secure procedure.

Consumers will be able to send pounds sterling directly from US dollar accounts at Xapo Bank to UK financial institutions and participating Overseas Territories, leading digital banks such as Wise and Revolut, and exchanges for commission-free payment. Also, customers have the opportunity to deposit these funds in banks around the world.

The integration allows you to top up your accounts using FPS. Pounds sterling are automatically converted into US dollars and credited to a dollar account.

Xapo Bank is a member of the Gibraltar Deposit Guarantee System (GDGS). The financial institution guarantees its clients that their funds stored in fiat currency are protected by the standards of independence of regulatory authorities and supervision.

The news about the integration, which is a catalyst for settlements in pounds sterling, appeared earlier in March it became known about the beginning of cooperation between Xapo Bank and the Bitcoin Lightning Network.

Seamus Rocca, CEO of Xapo Bank, says that cooperation with other participants in the global financial system allows customers to have the right to choose, which the bank considers a necessity.

The head of the bank also noted that integration with the fast payment system will allow consumers to make direct payments in the UK as soon as possible. Seamus Rocca stated that the expansion of the currency supply is one of the measures to implement the mission of a financial institution to provide customers with flexibility, convenience, and security when making transactions.

As we have reported earlier, Bank of Egypt Ups Withdrawal Limits for Instant Payments.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.