MovoCash, a U.S. fintech, announced on Thursday the launch of its on-demand mobile banking app, which was created through the company’s partnership with Mastercard and Coastal Community Bank.
Founded in 2014, Modo describes itself as a next-generation digital bank with “powerful, secure, and fast payment functionality.
“MOVO is more than a banking service, a mobile payments wallet or a financial hub. It’s an all in one-digital-financial solution designed for speed and backed by unparalleled security, so you can do more with your digital cash network in real time, right from the app.”
Modo reported that its patented technology, HyperBIN, is built to use digital tokens to manage the convergence of traditional banking solutions with mobile payments, blockchain, distributed ledger, cryptographic, and artificial intelligence (AI) technologies.
“HyperBIN® delivers real-time bank accounts and debit cards. This includes instant delivery, issuance, activation, secure and settled banking, merchant payment and P2P transactions redeemable at 45 million merchants and over one million ATMs worldwide.”
Speaking about the app’s launch, Eric Solis, CEO and Founder of MovoCash, Inc, stated:
“Our patented ‘Digital Cash’ Brand Network is what every consumer will expect from this day forward. [The app] will fundamentally shift the way people act and think about digital transactions.”
Eric Sprink, President and CEO of Coastal Community Bank, added:
“We’re thrilled to partner with MovoCash, a digital leader that brings a unique solution with top-notch fraud protection and compliance security to the market. MOVO is changing the payments game, we are excited to join them on this journey.”