In the modern world, payment systems, along with traditional banks, are a basic service designed for settlements between financial partners. These organizations provide financial services based on a license issued by the national regulator.

Pros and Cons of Banks

Classic banks have a number of advantages, such as a wide range of services offered: lending, deposits, as well as overdrafts, factoring, and letters of credit. However, opening corporate bank accounts in foreign banks can be accompanied by difficulties for entrepreneurs and companies. Obstacles inevitably arise due to strict requirements for clients, high regulation, and the complexity of verification procedures. Bureaucratic procedures can take several weeks or more. Banks may refuse to open an account if doubts arise regarding the financial stability of the client or their own internal policies. This is especially true for companies in the field of cryptocurrency business, blockchain, as well as non-residents and companies from classic offshore zones.

Payment Systems as an Alternative

Payment systems can be an excellent alternative to classic banks. They allow for transfers, accepting payments, and issuing their own digital assets. With lower risks and complexities, payment systems can provide businesses with a number of significant advantages:

• simplicity and speed of opening a multi-currency account with a unique Iban, which allows for quickly starting international transfers;
• instant transfers and prompt management of accounts via the internet;
• own VISA, Mastercard, or white-label cards, allowing for the withdrawal of funds;
• low commissions for conducting transactions and account maintenance;
• convenient functionality and innovative technologies, such as digital currencies and smart contracts, making financial transactions more efficient.

The choice between using payment systems and traditional bank accounts depends on the scale and needs of the business. Large companies with a significant volume of financial transactions require bank accounts to ensure a high level of security and trust. For small and medium-sized business projects and startups, where efficiency, accessibility, and cost reduction are important, payment systems can be an optimal solution.

The importance of choosing the right financial instruments for the successful operation of a company can hardly be overestimated. IT-OFFSHORE will take care of opening accounts for your business both in foreign banks and in payment systems.