Abra, a digital payments peer-to-peer network and bitcoin-based remittance service announced the company has added 46 new banking institutions to its network, which now brings the total supported to over 60.
The update also included a few new features, improvements, and bug fixes aside from added new banks, including:
- Updated bitcoin price feed
- Improved bank deposit speed
- Revamped US bank deposit status updates
Updated bitcoin price feed from Coinbase to XBX
Abra said it was previously using Coinbase to get the price used for bitcoin conversions. As of now, rates are now based off of TradeBlock’s XBX Index. This will result in a conversion rate that more closely tracks the average across a variety of global bitcoin exchanges.
Improved bank deposit speed
The company informed it will be running tests to shorten the amount of time it takes to add money via bank deposit from 2-3 business days to 1-2 business days. In some cases Abra may require additional verification to protect the security of customer accounts, which could add more time. However, in the best case scenario an Abra customer can now initiate a deposit in the morning before noon and see the money land in their wallet by the end of the business day.
Revamped bank deposit status updates
The Abra wallet now provides more detailed updates to let users know exactly what is happening during each step of the bank deposit process between the time a deposit is initiated to the time it succeeds or fails.
See an example of these updates in the screenshots below:
Added new US banks and credit unions
When Abra first launched with US bank support, it supported 17 banks in the country. Below is the complete list of banks now supported:
| Ally | Citizens Bank | LBS Financial CU | Schools Financial CU |
| Altra FCU | Commerce Bank | Members 1st FCU | Silicon Valley Bank |
| Arvest Bank | Credit Union 1 (AK) | Michigan First CU | Simple |
| BB&T Bank | Credit Union One (MI) | NC State Employees FCU | South State Bank |
| BCU Baxter CU | Desert Schools FCU | Navy Army Community CU | SunTrust |
| BECU | Empower FCU | Navy FCU | TD Bank |
| Bangor Savings Bank | Fairmont FCU | Nevada State Bank | TD Bank BusinessDirect |
| Bank of America | Fidelity | Northwest Savings Bank PA | US Bank |
| Bank of the West | First Hawaiian Bank | One Nevada CU | USAA |
| BankFund Staff FCU | First Tech FCU | PNC | Union Bank |
| Capital One | First Tennessee | Police and Fire FCU | University of Michigan CU |
| Capital One 360 | Georgia’s Own CU | Randolph Brooks FCU | University of Kentucky FCU |
| Central Bank Illinois | GoBank | Redwood CU | Vantage CU |
| Charles Schwab | Golden 1 CU | Regions | Webster Bank |
| Chase | IBERIABANK | Robins FCU | Wells Fargo |
| Citibank | Kemba Financial CU | San Francisco Fire CU |
Users can check the “Add bank” screen in the Abra app for the most up-to-date list.
Discussion about this post