BankProv Launches ProvXchange Network & Industry-Leading APIs
AMESBURY, Mass., July 22, 2021 -- BankProv, an innovative, commercial bank that finds solutions for business and private clients, has built a series of industry-leading APIs, inclusive of the new ProvXchangeTM network for 24/7, client to client, real-time transfers.
BankProv's modern APIs allow the bank to give the best possible experience to its growing list of progressive clients wanting to utilize the latest technology offerings available. ProvXchangeTM enables BankProv clients to transfer between their accounts and the accounts of other BankProv clients in real-time without the delays of traditional payment rails. Using the bank's APIs, clients can also get up-to-date, accurate information on their accounts to effectively maintain receivable and payables, and easily maximize business productivity.
"BankProv is one of only a few banks looking to drive the utilization of customer-facing API products," said Dave Mansfield, CEO of BankProv. "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. 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," he said.
For several years, BankProv has been focused on creating customized solutions and robust fiat banking products for all business types in the cryptocurrency space, including unlimited insurance on USD deposits.
"Be on the lookout for more announcements from BankProv in the future, as we continue to transform the banking industry," said Mansfield.
For more information, visit bankprov.com.
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value lending with a focus on search fund loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).
Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "may," "will," "would," "intend," "believe," "expect," "plan," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: the effects of any pandemic disease, natural disaster, war, act of terrorism, accident, or similar action or event; those related to the real estate and economic environment, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company's filings with the Securities and Exchange Commission, which are available at the SEC's website, www.sec.gov.
The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Press Contact: Carie Kelly, SVP Virtual Banking
Phone: (978) 834-8583
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SOURCE The Provident Bank