Everyday Banking, Powered by Digital Assets

1. Create a convenient ecosystem for digital asset holders, enabling them to use wallet funds for everyday purchases through HUMO, Visa and Mastercard, including contactless and online payments, as well as cash deposits and withdrawals.

2. Enable remote customer onboarding with identity verification (KYC), virtual card issuance, physical card ordering, collection through card-issuing kiosks and activation in the app without visiting a bank branch.

3. Establish direct settlement with Visa in USDC to ensure same-day receipt of funds without intermediary banks and enable more responsive liquidity management.

4. Integrate digital wallets with the bank’s processing system to support card transactions using crypto assets.

5. Adapt banking processes to digital asset transactions in accordance with the regulator’s requirements.

1. Established a digital asset banking ecosystem with HUMO, Visa and Mastercard cards for contactless and online payments, plus cash-in/cash-out.

2. Enabled remote KYC, card applications, physical card ordering, kiosk issuance and in-app activation without visiting a branch.

3. Implemented direct Visa settlement in USDC. The bank received 100,000 USDC during the reporting period. Funds arrive the same day, averaging 15–20 minutes after the final settlement amount is determined, versus 1–10 business days previously.

4. Integrated digital wallets with bank processing to check available funds during authorization, without prior transfers to a separate bank account.

5. Adapted banking processes to regulatory requirements, automated settlement requests, reconciliation and monitoring, and updated accounting, operational support and the contractual framework.

Octobank’s banking processing and settlement infrastructure; integration services and APIs; ATMs, card-issuing kiosks and a mobile app; crypto exchange infrastructure; HUMO, Visa and Mastercard card infrastructure; Visa’s international USDC settlement infrastructure; transaction authorization and routing systems; accounting, settlement request and reconciliation systems; monitoring, operational control and information security tools.

1. Implementing Central Asia’s first direct Visa settlement model in USDC required developing an operating model, adapting accounting processes and automating settlement requests, reconciliation and monitoring.

2. Integrating the bank’s processing system with digital wallets and payment network infrastructure without interrupting ongoing operations. Combining identity verification, product applications, card issuance through kiosks and activation in the app into a unified remote customer journey.

3. Agreeing with the regulator on the arrangements for using digital assets in banking products and settlement.

Octobank implemented Everyday Banking, Powered by Digital Assets, an ecosystem combining digital wallets, HUMO, Visa and Mastercard cards, contactless and online payments, cash transactions and business services. A separate workstream covers the bank’s direct settlement with Visa in USDC.

Everyday payments. The bank’s processing system is integrated with the partner’s digital wallet platform. During a card transaction, it identifies the product, requests confirmation of available funds from the partner’s platform and returns the response through the payment network’s standard authorization route. Customers pay using wallet funds without first transferring them to a separate bank account.

Remote onboarding and card collection. A unified customer journey covers identity verification (KYC), card product applications, physical crypto-linked card ordering, automated issuance through card-issuing kiosks and activation in the app. Customers can access the service and collect their cards without visiting a bank branch.

Cash transactions and business services. The ecosystem includes cash-in/cash-out services for cash deposits and withdrawals. Crypto acquiring enables merchants to accept payments using crypto assets for goods and services.

Direct settlement with Visa. The bank implemented USDC Settlement to accelerate the receipt of settlement funds. Previously, funds arrived via SWIFT, correspondent banks and a sponsor bank within 1–10 business days after the final settlement amount was determined. The new model provides same-day receipt, averaging 15–20 minutes after that amount is determined, and enables more responsive liquidity management.

Implementation. The team enhanced the processing system and integration services, automated settlement requests, reconciliation and monitoring, and adapted accounting and operational support. Banking processes and the contractual framework were developed in accordance with the regulator’s requirements.

The project was implemented in Uzbekistan. Visa and Mastercard crypto-linked cards can be used to pay for goods and services worldwide wherever the respective payment networks are accepted. The ecosystem expands the everyday use of digital assets and the bank’s offering for individuals and businesses.

The project was implemented in the Republic of Uzbekistan and serves individuals and businesses, including through crypto acquiring, which enables payments using crypto assets. Visa and Mastercard crypto-linked cards allow customers to pay for goods and services worldwide wherever the respective payment networks are accepted. The project’s international scope also includes direct settlement between Octobank and Visa in USDC.