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 integrated via the Automated Clearing House (ACH) network with nine of the top US financial institutions including: JP Morgan Chase, Bank of America, Wells Fargo, Citi, US Bank, USAA, Fidelity, Charles Schwab and Capital One. Aurum is the patent-pending ledger, exchange and settlement technology underlying the BitGold platform and soon to be re-launched GoldMoney platform.
Instant Deposits or Redemptions with Nine of the Largest US Financial Institutions
With the Aurum update and integration now live, the BitGold platform is directly integrated with ACH in a NACHA compliant manner for secure authentication and instant online transactions. Unlike traditional ACH confirmations which can require several days for users to verify a credit into their 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 one of these institutions can authorize deposits or redemptions instantly, making transactions more automated, secure, and avoiding possible bank wire fees.
As an alternative to a traditional bank wire or credit card option for gold purchases or sales from the platform, some of the ACH advantages for users include:
- No minimum transaction sizes
- Reduced transaction fees where a user’s account normally charges for income or outgoing wires
- Reduced paperwork time and lower potential for human processing errors through automation
- ACH 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 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 GoldMoney CEO, Roy Sebag. “Today’s integration connects Aurum directly to millions of chequing, savings and investment accounts in the US, which also paves the way for gold payment processing and commercial C2C, B2B, and B2C transactions using gold as the lowest-friction global payment rail for merchants.”
"The BitGold platform is breaking down the barriers to enable access to gold for customers around the world. We’ve now enabled the most modern interaction with US banking systems for enhanced verification, security and unprecedented simplicity in buying and storing vaulted gold for US bank customers,” says Darrell MacMullin, BitGold CEO.
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 200,000 customers from over 200 countries and $1.5 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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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.