Germany Launches Vivid Money as the Country's First-Ever Mobile Digital Banking System

Vivid Money, Mobile Digital Banking System

Vivid Money, a German-based digital banking firm, has recently released the first mobile full-service banking service in Berlin. The company collaborated with solarisBank and Visa for this project.

With this innovative digital banking solution, the company provides cashback initiatives, sub-accounts in international currencies, and investment portfolios rolled in one online application.

Established in 2019, both Artem Yamanov and Alexander Emeshev are key proponents in developing this fintech firm. During the launch, the company has about 130 staff. Both founders were colleagues who had worked for Russian banks and later met at Tinkoff, an online provider of financial and lifestyle services managed by TCS Group Holding.

TCS made a pact to be an anchor seed investor, although the actual investment was never provided to the public.

Inked a Deal with solarisBank and Visa

Vivid teamed up with SolarisBank, ensuring a fully licensed Banking-as-a-Service platform where Vivid can act on.

According to Roland Folz, SolarisBank's CEO, the time-to-market was minimized significantly, allowing Vivid Money to create enticing products and services that enable them to grow exponentially.

Promote Digital and Non-contact Payments

Also, the app highlights its partnership with Visa's exclusive payment technology for the European market. Upon opening an account, Vivid users will get a metal and nameless Visa debit card.

Albrecht Kiel, Visa's regional managing director of Central Europe, said the payment behavior of many Germans is rapidly changing. Many consumers prefer to pay digitally using mobile platforms or contactless schemes.

Kiel added this makes the introduction of the mobile-first Visa Debit card by Vivid very timely.

Preview of Blockchain Banking System

Currently, blockchain banking is increasingly a popular topic in the financial services industry. Once fully implemented, this will enable the banks to conduct quicker process payments and accurately while minimizing transaction fees and the exception requirements.

To capitalize on its basic operations, participating banks should develop the infrastructure necessary to build and implement a global network that employs solutions that focus on the transformative platform.

Digital Money to Substitute Future Bank Transactions, Blockchain Executive

Increasing Interest in Blockchain Technology

In one survey, it showed that blockchain application is top of mind among banking officials who manage payment centers. Also, the survey highlighted what executives think about adopting blockchain to attain global prominence.

Global banks have great interested in applying blockchain in their daily operations. However, most banks remain in the initial phases of adoption, with about 75% either implementing proof-of-concept, drafting blockchain strategy, or starting to consider it more closely.

Cross-border Transactions

In recent developments, the most apparent is the growing number of cases banks involved in evaluating the benefits of intra-bank cross-border transfers. Meanwhile, the corporate payments, cross-border remittances, and inter-bank cross-border transfers are gaining less attention. In the deployment of blockchain payments, bank officials are seeing a wide range of advantages like reduced costs, faster settlement, fewer errors and exceptions, and improved revenue opportunities.

The Innovative Banking System

A bright future lies ahead in blockchain and distributed ledgers. Using real-time, reliable, and open-source platforms that can securely transmit data and value, they assist banks to reduce the processing payment costs and produce new products and services that provide essential revenue streams.

Collaboration is a key factor to attain the blockchain's potential among banks to build a network vital in supporting global payments. Banks should look at the bigger perspective and create a partnership among them. Regarding non-banks, they can assist in defining the foundation that can stress a universally accepted, widely used global payment system to transform how banks conduct transactions.

The Creation of Crypto ATM Machines

In recent years, Praetorian Group International has been actively involved in the payment terminal market in the cryptocurrency market. The digital company develops and distributes ATMs in over 25 countries worldwide.

Using its German manufacturing facility, PGI employs high-quality materials and components for production, including hiring expert software engineers, developers, and other competent staff fully committed to performing their tasks.

Contact us to learn more more about how to invest in cryptocurrency and how crypto ATM equipment works. Visit our website at PGI Global.

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