GOLDMONEY INC. SUBSIDIARY BITGOLD ANNOUNCES ONLINE BANKING CONNECTIVITY IN 23 ADDITIONAL COUNTRIES
Toronto, Ontario (January 6, 2016) – GoldMoney Inc. (TSX-V: XAU), a full-reserve and gold-based financial services and technology group, announces that the BitGold “Aurum” gold-settlement technology is now connected to online banking across the Single European Payment Area (“SEPA”). Through a partnership and engineering integration with Trustly Group AB (“Trustly”), a technology leader in secure online payments, the BitGold platform is now directly connected to hundreds of online financial institutions across Europe for direct deposits and redemptions. Aurum is the patent-pending ledger, exchange and settlement technology underlying the BitGold platform, allowing BitGold users to move seamlessly between currency and vaulted gold from their online account or mobile app.
Instant Deposits or Redemptions with Financial Institutions across EU/EEA
With the Aurum update and Trustly integration now live, the BitGold platform is directly integrated with European accounts that benefit from secure authentication and instant online bank transactions. Unlike traditional bank wire transactions which can require several days to be credited into a user account, the Aurum integration allows BitGold platform users to verify and link their accounts in an innovative real-time authorization process. BitGold users with an account at connected European financial institutions can authorize deposits or redemptions instantly, making transactions more automated, secure, while avoiding bank wire fees and any foreign exchange fees that would be charged by their bank. Users may now instantly deposit gold value in 19 countries using EUR, GBP, DKK or SEK and redeem to bank accounts in 23 European countries.
As an alternative to a traditional bank wire or credit card option for gold purchases or sales from the platform, some of the new advantages for users include:
- No minimum transaction sizes
- Reduced transaction fees where a user’s account normally charges for incoming or outgoing wires
- Reduced paperwork time and lower potential for human processing errors through automation
- SEPA transactions are easily tracked and reconciled between BitGold and the incoming/outgoing financial institution, increasing control and visibility
“We continue to focus our efforts on cementing the Aurum technology as the best-in-class standard for execution and settlement of physical gold transactions, removing all friction from gold to currency transactions and making our gold accounts as seamless as any other form of money used in electronic banking,” said Darrell Macmullin, BitGold CEO. “Today’s integration connects BitGold directly to millions of chequing, savings and investment accounts in the EU/EEA, which also paves the way for gold payment processing, remittance transfers, and commercial C2C, B2B, and B2C transactions using gold as the lowest-friction global payment rail.”
“Region by region we’re engineering new connections and breaking down barriers to gold access for savings, and also creating what we believe can be the most efficient global payment medium,” says Roy Sebag, GoldMoney CEO. “We’ve now enabled the latest technology for interaction with the EU/EEA banking systems for enhanced verification, security and unprecedented simplicity in buying and storing vaulted gold. Our goal is to have additional direct bank integrations in every major continent by the end of 2016. ”
About GoldMoney Inc.
GoldMoney Inc. (TSX: XAU) is a global full-reserve and gold-focused financial services business. Through GoldMoney®, the company offers individuals and institutions with precious metals custody, investment and wealth management services. Through BitGoldtm the company operates a self-directed savings platform and payments network allowing individuals and businesses to make or receive online, in-store or mobile payment. GoldMoney Inc. has over 600,000 customers from over 200 countries and $1.53 Billion in client assets under custody. GoldMoney is regulated by the Jersey Financial Services Commission (JFSC) as a Money Services Business. The JFSC is the main supervisory body that oversees and regulates Jersey’s large financial services industry. For more information on BitGold, visit bitgold.com. For more information on GoldMoney Inc. visit ir.goldmoney.com.
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