Medici Bank is a company that provides banking application programming interfaces (APIs) to international companies. Its stated intention is to serve small to medium-sized international businesses using technology and being predominately focused on cryptocurrencies, but also accepts other currencies.The company states that it has a full banking license and can hold deposits and lend money. It is licensed as an International Financial Entity (IFE) by Puerto Rico’s Office of the Commission of Financial Institutions. Medici Bank is considered to be a blend of a financial technology company and a bank.
The company has a platform called Bank Operating Software System (BOSS) that is cloud native and allows for its transactions to be performed. Services offered by Medici Bank include time deposits that have interest rates up to 2.75% in amounts ranging from $25,000 to $10 million. Another service is its demand deposit account, which allows for customers to wire money both within and outside of the United States.