TORONTO--(BUSINESS WIRE)--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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release.
Forward-Looking Statements
This news release contains
certain “forward-looking information” within the meaning of applicable
Canadian securities laws that are based on expectations, estimates and
projections as at the date of this news release. Any statements that
involve discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions, future events or
performance (often but not always using phrases such as “expects”, or
“does not expect”, “is expected”, “anticipates” or “does not
anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”,
“believes” or “intends” or variations of such words and phrases or
stating that certain actions, events or results “may” or “could”,
“would”, “might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward looking information and
are intended to identify forward-looking information. This
forward-looking information is based on reasonable assumptions and
estimates of management of the Company at the time it was made, and
involves known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking information.
Such factors include, among others: risk factors relating to the
Company’s limited operating history; future capital needs and
uncertainty of additional financing; the competitive nature of the
industry; unproven markets for the Company’s product offering;
volatility of gold prices & public interest in gold investment; lack of
regulation and customer protection; the need for the Company to manage
its planned growth and expansion; the effects of product development and
need for continued technology change; protection of proprietary rights;
the effect of government regulation and compliance on the Company and
the industry; network security risks; the ability of the Company to
maintain properly working systems; foreign currency and gold trading
risks; use and storage of personal information and compliance with
privacy laws; use of the Company’s services for improper or illegal
purposes; global economic and financial market conditions; uninsurable
risks; and those risks set out in the Company’s public documents filed
on www.sedar.com.
Although the Company has attempted to identify important factors that
could cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to
be accurate as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking information. The Company
undertakes no obligation to revise or update any forward-looking
information other than as required by law.
