Flexcoin bills itself as the first bitcoin bank.
Run by Yooter InterActive Marketing in Pottsville, PA it allows for a central location for all bitcoin only transactions.
Flexcoin differentiates itself from EWallet(s) by providing a paid discount to the account holders. It generates revenue by charging small transaction fees on outgoing bitcoins but no fees are charged from flexcoin to flexcoin accounts. These fees are for the most part forwarded back to the account holders via a discount payment. (currently 70% of all flexcoin collected fees are forwarded back to account holders).
The bitcoin bank has been running on an invite only process in June 2011, invites were filled within minutes of releasing them. Flexcoin went live Aug 4th 2011 to the general public.
Significant attention is focused on "obtaining the best ID possible" similar to a one word domain name as the ID can be used to transfer bitcoins.
Example : Before flexcoin: Pay for your coffee at bitcoin address 1555hjPG7pRwTHVMfukPvjXexQMHFE3qu6 After flexcoin: Pay for your coffee at flexcoin id coffeeshop
Another significant development is that transfers from ID to ID are instant, meaning no next block wait.
It is one of the first bitcoin eWallets based in the United States and is the first to label itself as a "bank".