BitGold introduces a new standard for global merchant payments
OREANDA-NEWS. GoldMoney Inc. (TSX-V: XAU) today announced the launch of BitGold Business Accounts and merchant processing at Money 20/20 Europe, the world's largest FinTech event. BitGold, the only gold-based payments and savings platform, is transforming the global cross-border payment experience by enabling business owners, freelancers, and sole proprietors to request and accept business and consumer payments in vaulted-gold bullion, enabling instant cross-border value settlement and reducing risks and delays in global commerce.
Traditional payment systems and regional currencies are laden with friction, delays, and high cross-border processing fees when exchanging value in an increasingly connected and global marketplace. With BitGold Business Accounts, BitGold has optimized global commerce by reducing friction of value exchange in cross-border payments and enabling merchants to seamlessly use vaulted-gold bullion as a universal and efficient payment rail.
The new technology includes a suite of payment applications that will include invoicing, payroll, e-commerce and checkout solutions. BitGold Business Accounts makes global business and consumer payments using gold simple and cost-effective. Built on a highly scalable infrastructure, the Canadian-born platform now allows merchants to transact to and from more than 150 countries and 100 currencies globally in gold for one low cost debit-processing fee.
“We want to accelerate business growth by making it easy to request and accept payments, including micropayments, around the world instantly using a secure, closed-loop network,” said BitGold Co-Founder Josh Crumb. “In our view, every business should only have to consider two forms of money when accepting payment for a transaction – a local currency integrated with their local banking system, and gold, the world’s most recognized, stable and best performing international money. BitGold’s global debit network is empowering merchants who might otherwise be limited by their location. This advance reduces the fees and hassle part of ‘foreign’ in foreign exchange.”
BitGold’s digital ledger technology utilizes a ‘hub and spoke’ model for cross-border payment flows, with vaulted-gold enabling low-risk and low-volatility settlement options for all transactions. BitGold’s closed-loop debit network enables instant value-settlement of any transaction into vaulted gold. Businesses can easily settle back to a local currency or bank account, or push supplier payments and payroll out anywhere in the world.
“We’ve upgraded the underlying infrastructure and transformed the process-flow to a new gold standard that optimizes cross-border payments,” said Darrell MacMullin, CEO of BitGold. “We’re obsessed with injecting efficiencies into global commerce, so we created a better way for people and now businesses to take advantage of the benefits of using gold safely and securely using our network.”
The BitGold platform decreases volatility and enables payments in gold, the world’s best performing currency, which won’t be impacted by exchange rates, fees or inflation.
Suite of Payment Solutions – Earn. In Gold.
BitGold Business Accounts: Provides merchants with access to a suite of tools that make global payments easy and efficient, using gold. Customers can pay securely via credit card, debit card, or bank transfer from any currency, and send gold as payment. Merchants can retain the gold to store earnings securely, transfer to pay suppliers, instantly settle to a verified bank account, or spend with the GoldMoney PrePaid MasterCard.
· BitGold Invoices: Invoice international customers with a completely customizable template in the currency of choice. Manage inventory items and customer lists, and use global tax and shipping calculators. Approved customers purchase Gold securely via credit card, debit card, or bank transfer from any currency for a simple one per cent transaction fee, and send the gold value as payment, never sharing their financial information.
· BitGold Pay: Embedded checkout payment flow optimizes international ecommerce by making it simple and safe for customers to transact with merchants using the currency of their choice. Simple global pricing, no matter where your approved customers live for a simple one per cent transaction fee. No cross border fees or foreign exchange fees for payment.
· Developer API: BitGold will be releasing a developer API stack that enables deep integration with BitGold’s payments infrastructure. Using the new API integration, developers can add a gold payments option to third-party invoicing solutions, ecommerce platforms and payment gateways.
BitGold uses proprietary technology in a symbiosis of gold-vault service and payment processing infrastructure in an “online banking” environment, providing innovative solutions to the challenge of transacting with fully allocated and securely vaulted gold. Founded in May 2015, BitGold has raised more than $70M in financing, and is one of the world’s fastest growing FinTech companies. BitGold already has more than 800K users located in more than 150 countries, and more than 889K grams ($45.8M CAD) of customer gold under safekeeping. Total transactions on the BitGold platform surpassed $77.1M CAD as of April 1, 2016. BitGold is a subsidiary of publically traded GoldMoney Inc. (TSX-V: XAU).
GoldMoney Inc. (TSX-V: XAU), is a full-reserve and gold-based financial service and technology group. BitGold enables an industry-leading pay-in, pay-out capability for gold that leverages technology, foreign exchange conversion, data management, as well as regulatory, compliance and anti-money laundering (AML) infrastructure, to expedite efficient and timely payments almost anywhere in the world, using gold. 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.
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