arrow-left<\/title><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\tBack to blogs<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Business payment services for crypto startups \n\n<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Building crypto neo-banks, issuing vIBANs, white-label debit cards, or integrating risk management into platforms, sounds easy, but startups need over seven different business payment services to launch successfully.\u00a0<\/span><\/p>\n
Before launching a crypto platform, a startup must fulfill a few mandatory requirements, such as crypto integrations (exchange, wallet), card integrations (BIN sponsor, processor, card bureau), banking integrations<\/a> (vIBAN provider), and risk management (KYC, AML).\u00a0<\/span><\/p>\n
It was hectic, tiring, time-consuming, and expensive a few years ago. Fortunately, Striga, a <\/span>YC-backed company<\/span><\/a>, was created to solve this problem, which allows fintechs to launch their product successfully by using a single set of APIs, eliminating the need to partner with multiple business payment services.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Power of business payment services for startups<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Crypto startups often face unique challenges during setup as traditional financial institutions do not prefer to partner with crypto companies because of the risk involved with it. Business payment services bridge the gap between crypto and traditional financial institutions by offering <\/span>crypto as a service<\/span><\/a>.\u00a0<\/span><\/p>
With the help of payment business services, startups do not need to take separate licenses. Startups can operate on the same license as the providers.<\/span><\/p>
Additionally, KYC is also taken care of by the payment providers. Once the end user is verified, a default wallet in euros is allocated. Think of a wallet as a collection of accounts. Businesses get an option to enable the currencies on these accounts for the end user. The flexibility allows businesses to offer services as per the platform specifications and users’ requirements. Startups can also create additional wallets for the end user depending on the use case.\u00a0<\/span><\/p>
Business payment services offer currency swaps, which means allowing the end user to swap from one currency to another at a market rate in real-time. Swaps could include USDC\/EUR, BTC\/USDC, BTC\/EUR, ETH\/EUR, MATIC\/EUR and BNB\/EUR. These swaps empower startups in the fintech industry and offer value for the end users at the same time.\u00a0<\/span><\/p>
These were a few services mentioned above, but there are endless opportunities to explore with providers and experience exponential growth within the crypto space.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Know your client: simplifying user verification for startups \n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Know your client is mandatory in EEA as it makes sure the onboarded client has a clean background. KYC includes the verification of ID, name, email address, and phone number.\u00a0<\/span><\/p>
But it takes a lot of time, effort, and money to set up KYC in-house for startups. Fortunately, business payment services include <\/span>KYC and AML checks<\/span><\/a>, which means startups can focus and invest more in other business activities.\u00a0<\/span><\/p>
Striga manages end-user verification with SumSub and internal compliance teams. Legal teams at Striage also make sure to stay updated with the latest regulations and changes within the EU\/EEA zone.\u00a0<\/span><\/p>
Startups are only required to plug the SumSub SDK into their applications, and then the\u00a0 SumSub SDK automatically guides the user further for verification. Service providers save startups from all the complications that can arise during in-house KYC setup, especially with the strict formalities that <\/span>MiCA <\/span><\/a>is asking for these days.\u00a0<\/span><\/p>
Hence, business payment services allow startups to operate license-free as the application doesn\u2019t handle important information or manage compliance tasks.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Solution of white label payment gateway for crypto startups\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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With the help of business payment services, startups can have a white label payment gateway for the end users. White-label solutions enable startups to create branded exchanges that integrate off-ramps, on-ramps, digital wallets, and KYC features.\u00a0<\/span><\/p>
The white-label payment gateway solution is scalable, cost-effective, quick to market, and equipped with powerful security features and comprehensive regulatory compliance.\u00a0<\/span><\/p>
Choosing the right white label payment gateway provider for crypto startups is of great importance. Make sure the provider reflects the brand\u2019s identity and fulfills startup needs. Additionally, the right provider must allow companies to customize as per the platform’s needs. Lastly, time is money so providers should offer quick solutions.\u00a0<\/span><\/p>
Striga enables startups to test, build, and launch the product with a single set of APIs in less than three weeks. Striga has also offered its <\/span>platform<\/span><\/a>, <\/span>documentation<\/span><\/a>, and<\/span> pricing<\/span><\/a> publicly so startups can validate their platform quickly.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Striga Crypto-native Banking as a Service:<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Your path to building and launching financial products<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Join the <\/span>financial businesses<\/span> that use Striga’s cloud platform<\/span> to delight their customers and launch their own products without the complexities that come when dealing with<\/span> core banking solutions\u2019 <\/span>relationships, licensing, compliance and payments methods.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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