We tried to work with Arival Bank over the last couple of months - however they have heavy infrastructure problems.
We were looking at them for already some time and while they were in fact useless till August 2022 when they got a cooperation setup with Quaint Oak Bank.
They claim to be a Bank for the "Abnormal" - means in fact that they bank
high risk - which we thought could be interesting - as not many High Risk Banks / Payment Institutions showing up nowadays.
However what do you require as a High Risk Bank? Right, proper Compliance.
Do they have a proper Compliance? Absolutely not.
While they should focus on there core business which is for sure High Risk Banking - the Pricing just reflects this - they try to have some kind of Fintech Vibe - and even this is not working properly.
SMS Codes can't be received most of the time (being not on Roaming) - a manual call is then required to get things sorted - if it can be even sorted at all.
As mentioned already earlier here this thread - all payments are very manual and every single payment requires supporting documents - which is not unusual at all for a High Risk Business but while they were earlier doing this manual by Email they now have a "fancy looking" Supporting Documents Interface which again - you guessed it - isn't working properly and based on bugs in there Interface they can't read agreements linked to invoices to understand the nature of the transaction - which ends in payment rejection - no one reaches out to ask further clarification - as obviously there Compliance Interface puts things together in a weird and wrong context - every human should see that there is something wrong - especially if you have over and over again the same nature of transactions - not so the Compliance Monkeys at Arival Bank.
So while it earlier was just a 3-5 emails work to get payments pushed through - it's now due to infrastructure problems not possible at all and you can wait for returned wires for weeks - begging them for a WIre Tracer.
Hands down - for normal Business outside the US - Arival Bank Details are useless due to being a Pooled Account with FFC details - so the only thing left is
Crypto and as earlier mentioned here already a due to them having only dedicated USD ACH Accounts - there is not really any use for it after the Signature Bank and Silvergate Collapse.
@ Jeremy CEO of Arival - I know you gonna read this (at least you should) - I literally have a 44 E-Mails length conversation with your Team Lead Mark - how to get more dedicated Support and how to improve couple of things on the Infrastructure side - not even on the technical side were you have your Correpondence Bank Limitations anyway.
We didn't asked much - just that the things you positioned yourself in the market are working - not more and not less.
For all Crypto interested people -
Bank Frick in Liechtenstein is working more and more with Payment Institutions, so a couple of other US Banks do as well - there is absolutely no need to waste your time with a Institution like Arival Bank nowadays.
