SAN FRANCISCO, Dec. 14, 2021 /PRNewswire/ — Today, FinClusive and Velo Labs are announcing a strategic partnership to make cross-border payments faster, cheaper, and more inclusive by leveraging blockchain technology with embedded financial crimes compliance (FCC) controls.
The partnership will open up new remittance corridors in 2022 by relying on the secure, compliance-embedded on- and off- ramp capabilities of FinClusive in the US and the unique solutions developed by Velo Labs to empower new financial institutions to bridge fiat and digital assets. This will enable an efficient gateway for payments via digital and fiat-based channels to support the international remittance and value-transfer needs of individuals and entities across the globe.
Velo Labs is recognized for its expertise in helping financial institutions integrate with blockchains to improve their international payments operations. Velo Labs does this by helping these entities create custom stablecoins backed by fiat and VELO tokens, allowing seamless interoperability with many other assets issued and/or transacted on the Stellar and Binance Smart Chain blockchains.
FinClusive has developed a comprehensive full-stack solution that embeds essential global anti-money laundering (AML) controls to ensure efficient and cost-effective know-your-customer and know-your-business (KYC/KYB) operations and client and transaction monitoring tools that apply to transactions, including virtual assets–with embedded blockchain/virtual asset-related analytics tools–and their intersection with fiat-banking payments rails.
"We recognize the rapid growth of virtual assets and decentralized networks to facilitate cross-border payments," said Amit Sharma, CEO and Founder of FinClusive. "Our platform enables bank and nonbank financial services to comport with global standards for AML/FCC and provide a platform for innovative solutions like Velo to seamlessly interact with appropriate risk and compliance controls that connect into traditional banking. We are excited about our joint work!"
Mike Kennedy, CEO of Velo Labs states: "This partnership will bring better remittance services to the market by relying on the low-cost, speed, and scalability of the Stellar blockchain, as well as the growing liquidity and ecosystem of the Binance Smart Chain. Velo and FinClusive working together is another reinforcement of our mission to improve the lives of millions of underbanked and underserved individuals across the globe."
About Velo Labs
Velo Labs is on a mission to improve financial services. We are building a global settlement network to make it faster, cheaper, and more reliable for businesses and individuals to move money. The company is developing blockchain-based and enterprise-grade products enabling financial institutions to transfer value seamlessly around the world.
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.