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BankProv Launches Payments Network for Crypto Customers
The network will compete with the Silvergate Exchange Network and Signature’s Signet in the 24/7 real-time payments market.
Updated Sep 14, 2021, 1:29 p.m. Published Jul 22, 2021, 8:52 p.m.
The crypto-friendly Massachusetts-based bank formerly known as Provident Bank has launched a payments network aimed at giving its crypto customers what Silvergate and Signature already offer: real-time payments that are available on nights and weekends.
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BankProv announced on Thursday that it was launching ProvXchange, a 24/7 payments platform that allows two customers on the platform to pay each other instantly. This follows an ethereum-backed lending product that the bank launched with Anchorage in June as it aims to capture more of the digital asset market.
“We are continuing to listen to the needs of our community, particularly in the cryptocurrency space, to hear how their businesses can be made more productive using better banking technology,” BankProv CEO Dave Mansfield said in a press release. “The buildout of the ProvXchange network truly answers the needs of this community that has been asking for more solutions to meet their unique needs.”
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