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Whether it’s crypto or traditional finance, three things have always been of utmost importance – trust and security, platform reliability, and accessibility.
Crypto banking, along with the simplified APIs and in-house compliance makes managing fiat and crypto assets effortless. From seamless client and business onboardings to an intuitive fiat to crypto to fiat transactions – it’s a one stop shop solution.
And one of the problems crypto banking has identified and resolved is making crypto spending practical and easy. After all, what’s the point of innovating if it doesn’t simplify.
In this article, we will break down the three most critical pain points every end user faces when it comes to crypto withdrawal and payments, and how businesses can better position their products to solve them.
Safeguarding Crypto Withdrawal Against Fraudulent Activities
As is the case with payments and transactions, a major concern users face is the lack of transparency. When platforms fail to protect against fraud and inconsistent withdrawal processes, it comes across as breach of users’ trust – raising doubts about the platform’s legitimacy.
While multifactor authentication is an effective safeguard against fraud, many platforms can fail to monitor real-time fraudulent transactions. In such cases, delays can be a costly mistake. If the recovery process isn’t agile, it will only add to user frustration.
But more importantly, a slow or clunky crypto withdrawal process is yet another reason for user drop off. It’s possible in some cases for payments to take extra long to process due to compliance checks – in which case users may also have to provide additional documentation or go through an extensive verification process.
To counter this, companies can expand their compliance solutions and customer support teams. Following a rigid KYC and AML procedure to stay ahead of frauds and breaches is an obvious solution but it’s resource heavy and requires companies to invest in putting together a dedicated team – thus increasing the expenses significantly.
A Robust Crypto-Fiat Wallet For Seamless Transactions
Just as security is non-negotiable, so is platform performance and reliability. Whether it’s on ramping crypto, checking translation history, or making crypto withdrawal, users expect a seamless and intuitive experience.
During a high market volatility, it’s common for platforms to experience downtime. For users however, this can be critical especially if they’re trying to make trades or transactions and the system crashes or freezes. Imagine making a time-sensitive transaction and the system crashes at the same time. Not only is it inconvenient, it can have far reaching consequences for the users.
Beyond smooth operations, it’s crucial that the platforms have intuitive interfaces. It shouldn’t be a challenge to on ramp crypto, make transactions, withdrawals. While companies are doubling down on the tech infrastructure with scalable systems that ensure stability during increased traffic – creating a robust user-centric crypto fiat wallet can be challenging for small scale companies.
Building and scaling the tech infrastructure from scratch means investing in an in-house tech team and constantly iterating on the product based on user feedback.
Managing all this while juggling regulatory compliance, KYC and AML, and optimising business and sales can be incredibly challenging.
Making Crypto Withdrawal Practical
Finally, a challenge both users and exchange platforms face is making crypto practical and accessible. And to make crypto payments practical for everyday use, platforms need to enable seamless fiat-crypto-fiat conversions.
This involves integrating systems like SEPA for direct transfers so users can off ramp from crypto wallet to bank account without any exorbitant fees and delays.
Fiat withdrawals are crucial for crypto exchange platforms and users value speed, transparency, and reliability when it comes to payment processing. Crypto banking solutions allow seamless SEPA and SEPA instant transfers – bridging the crypto and fiat gap. Additionally, users can also make payments at any POS through crypto debit cards that convert crypto to fiat directly at the time of payment.
An All-In-One Solution For All Things Crypto
Crypto banking solutions, such as Striga, take away the heavy lifting of managing compliance, infrastructure, issuing, and partnerships by providing an all-in-one solution. Additionally, being a licensed entity means crypto exchange companies don’t need to worry about any regulatory compliance requirements.
Striga’s in-house compliance team takes care of KYC and AML procedures to reduce onboarding friction. The continuous transaction monitoring ensures fraudulent activities are flagged immediately.
More importantly, the simplified APIs allow easy integration into a crypto fiat wallet, exchange, or payment app without having to build complex infrastructure from scratch. SEPA crypto transfers make direct deposits from crypto wallet to bank account much simpler. Taking it up a notch, issuing crypto cards becomes much easier – less partnership hassles and expenses.
You don’t need eight different partnerships or licenses to launch. Just six weeks and one crypto banking provider.
Striga Crypto-native Banking as a Service:
Your path to building and launching financial products
Join the financial businesses that use Striga’s cloud platform to delight their customers and launch their own products without the complexities that come when dealing with core banking solutions’ relationships, licensing, compliance and payments methods.
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