• Sun. Jun 23rd, 2024

Overnight Availability of Funds to Transform the BTM Industry

Patent-pending Provisional Posting software provides BTM Operators access to funds from daily sales activity for use the following morning, giving BankLine’s partner banks a competitive advantage in the Crypto market.

MIAMI, May 25, 2022 (GLOBE NEWSWIRE) — BankLine announced a Master Licensing Agreement with Provisional Posting LLC for the distribution of a patent-pending software solution that allows Crypto-friendly banks to provide overnight availability of funds to Bitcoin ATM Operators. This innovation revolutionizes the Bitcoin ATM (BTM) industry by optimizing the rotation of capital, eliminating the “float”, and increasing a BTM Operator’s daily capitalization by 40% or more.

BankLine’s bank-centric software solution was created by veterans of the banking industry to provide the financial institution with a robust set of back office reconciliation tools, automated reporting, and complete visibility of the cash cycle throughout the settlement process.

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BankLine’s BTM Operators receive overnight availability of funds, streamlining control of the cash cycle that traditionally restricts the use of the funds for as long as 14 days.

The patent-pending Provisional Posting software is engineered to be compatible with Genesis Coin, General Bytes, Bitaccess and other customized BTM software solutions.

BankLine’s Technology Streamlines Business For BTM Operators

BankLine’s software allows BTMs to transmit daily sales activity directly to the ODFI (Originating Depository Financial Institution) for overnight availability of funds – streamlining the entire cash supply chain. Access to overnight deposits allows BankLine’s BTM Operators to reduce or eliminate the need for lending lines and related interest charges. BankLine’s groundbreaking technology provides a truly interactive relationship between the Operator’s BTMs and their financial institution.

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What Overnight Availability of Funds Means to the BTM Industry

Overnight availability mitigates the time associated with Cash in Transit. Traditionally, cash handling involves a number of time-consuming processes. Employees spend hours manually reconciling cash as funds are processed to the BTM Operator’s bank account. Provisional Credit exponentially improves the reconciliation process and increases efficiency, resulting in higher profit and corporate expansion.

President and CEO of BankLine, Mark Ochab, promises; “BankLine will continue to deliver redundant banking relationships in addition to the latest technologies and innovative services in combination with stellar Customer Service. Overnight availability of funds is a complete game-changer for the Crypto BTM industry. BankLine is pleased to be the first to implement a totally customized patent pending Provisional Posting software solution, built from the ground up for our Crypto-friendly Banking partners as well as the BTM Operators.”

BankLine strives to become the ultimate end-to-end cash management and banking service solution for the Crypto BTM industry by enabling more efficient, controlled, and cost-effective services.

Steve Bessen, BankLine’s National Sales Director, adds, “Streamlined control of the cash cycle, improved cash reporting from multiple locations, and faster reconciliation will give BankLine’s BTM Operators a competitive edge by more efficiently rotating working capital and allowing the BTM Operator to redirect its energies toward growth and expansion.”

About BankLine

BankLine is the only Crypto-friendly banking solution that offers a portfolio of redundant financial institutions willing to serve the varied needs of the Crypto industry. BankLine’s network of Crypto-friendly banks and services helps mitigate the threat of bank discontinuance and provides ongoing, sustainable, and scalable banking and support services.

Each BankLine customer has a direct relationship at a FDIC insured depository institution.  The accounts are titled in the business entity’s name and are exclusive for the entity’s activity.

By contracting with more than 300 Cash Vault facilities managed by Loomis, Brinks, and Garda. BankLine’s banks currently provide service to more than 29,000 BTM locations in the continental US, Hawaii, Alaska and Puerto Rico.

In addition, BankLine’s partner banks provide Over The Counter services for Online Crypto companies.

Learn more at bankline.com

About Provisional Posting LLC

Provisional Posting software was developed to integrate and automate daily deposit and cash extraction information. Electronic Data from Bitcoin ATMs (BTMs) and Armored Carriers is transmitted to the BTM Operator’s bank. Provisional Posting software facilitates overnight credit and availability of funds directly to the Merchant DDA Bank Account by the following morning at 9:00am Eastern Time.

Overnight availability of funds provides BTM Operators with an accelerated rotation of working capital and increased efficiency, resulting in greater profit.

Banks utilizing the Provisional Posting LLC patent pending software eliminate the need for time-consuming manual reconciliation and posting, reduce keying errors, and more efficiently manage the CTR filing process.

Learn more at Provisional Posting

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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.