A new U.S. bank, N3XT, has officially launched, aiming to transform traditional business payments by offering instant, programmable B2B payments in U.S. dollars around the clock. This new service departs from the limitations of traditional banking hours.
N3XT is providing businesses globally with the ability to make instant, programmable U.S. dollar payments, effectively bypassing the delays associated with conventional banking systems. The platform is designed to empower clients to automate their payment processes, manage market-driven transactions, and gain immediate access to their funds while ensuring ongoing compliance.
The bank operates as a full-reserve, fully regulated narrow bank under a Wyoming Special Purpose Depository Institution charter. This means that every dollar deposited is backed one-to-one by either cash or short-term U.S. Treasuries, with the bank committed to publishing its reserve holdings on a daily basis.
N3XT’s platform enables businesses to trigger payments automatically. For instance, if a shipment is confirmed as delivered, funds can be transferred the moment delivery is verified. In scenarios of market dips, collateral deposits can be executed automatically. Conversely, during market spikes, dollars can be returned to the business’s account, thereby freeing up working capital.
The leadership team comprises experienced fintech professionals. Jeffrey Wallis, the CEO, previously held a position at Signature Bank. Scott Shay, a founder of the bank, has a history of successfully establishing multiple banks. Aurélien Bonnel, the CTO, brings experience from Deutsche Bank.
The launch was supported by investments from prominent firms including Paradigm, Pharsalus, HACK VC, and Winklevoss Capital, among others.
Alana Palmedo of Paradigm commented on the development, stating, "The financial system is being re-wired to be internet native, 24/7/365 and global." N3XT aims to leverage blockchain technology to bring an end to the practice of waiting days for money to move, recognizing that in the contemporary 24/7 global economy, time is a critical component of financial value.