LOS ANGELES--(BUSINESS WIRE)--Ivy Koin LLC (Ivy), a developer of blockchain-based solutions for financial institutions facilitating compliance needs for fiat and digital currency transactions, today announced a partnership with Goldfields Money Ltd (Goldfields Money ASX:GMY). Goldfields Money and Ivy will work together to commercialize the use of blockchain technology in banking to validate and legitimize digital currency to fiat transactions within the traditional banking framework.
Goldfields Money Ltd, Australia’s new, revolutionary digital bank, has recently revamped its digital banking platform, catering to the needs of technology-savvy consumers. Ivy’s technology leverages blockchain and utility tokens to deliver an innovative solution for validation. These tokens will carry “Know your Customer” (KYC) and “Know your Transaction” (KYT) information, critical for financial institution validation, and will allow Goldfields Money to open new revenue streams from digital assets and meet AML/KYC and other regulatory requirements.
Simon Lyons, Managing Director of Goldfields Money, said, “The technology behind digital currencies really can’t be ignored. The biggest issue for the traditional banking sector in dealing with this is ensuring financial institutions meet compliance obligations and are able to adequately identify the source of funds, the identity of an account holder and verify other aspects of these transactions. We are excited to be working with Ivy to pioneer solutions to confirm adequate validation in compliance with the stringent regulatory requirements that banks must meet.”
Ivy Koin LLC President Ash Shilkin said, “Market research is already showing consumers embracing cryptocurrencies within their everyday spending habits, but in order for mainstream adoption, there needs to be a symbiotic relationship between financial institutions and cryptocurrency holders. Blockchain-based products can not only help drive secure payments, but also provide banks with the underlying verification requirements for transactions to be deemed bankable, while meeting the standards of regulators. This opens up new customer and revenue opportunities for banks like Goldfields.”
This announcement comes during a time of increased interest in KYC and KYT technologies, as they are necessary for banks, financial institutions and exchanges to meet regulatory requirements. The partnership between Ivy and Goldfields Money is a step toward further integration of blockchain technology into established financial institutions.
About Ivy Koin LLC
Ivy Koin LLC is a blockchain-based technology for fiat and cryptocurrency business transactions which require extensive verification in the international monetary system. The Ivy network will utilize IvyKoin (IVY) tokens which will carry “Know your Customer” (KYC) and “Know your Transaction” (KYT) data points critical for financial institution validation. In November, in partnership with Hive Empire Trading Pty Ltd Ivy launched ‘IvyPay,’ a service for Australians to use their cryptocurrency to pay bills or to turn it into cash and deposit it in their Australian Bank account.
For more information on the Ivy Project, visit ivyproject.com or follow the company at @ivykoin across social media.
About Goldfields Money
Goldfields Money is Australia’s new revolutionary digital bank, distributing first class products through a largely branchless distribution network. A bank without the bank. This digital banking platform is built on the recently implemented mobile first, world class core banking system provided by Temenos and our proprietary mortgage distribution software “Loankit.”
Goldfields is ASX listed (ASX:GMY) with two key divisions:
Banking (operates under “Goldfields Money” and “Better Choice” brands) – an APRA regulated bank that offers deposit and loan products that are funded either on-balance sheet or off-balance sheet through a range of third party lenders. Our deposits are all guaranteed by the Australian Government Deposit Guarantee for up to $250,000 per customer. We are the new approach to banking in Australia, we’re honest, with transparent bank practices and a straightforward approach to you and your money. It’s all yours, honestly.
Mortgage Aggregation (operates under “Finsure” and “Loankit” brands) – an ASIC regulated mortgage aggregation and software technology platform with over 1,508 loan writers as of 20 September 2018. Finsure puts brokers first and is a leader in the market in offering a diverse lending panel, flexible commission models, training, lead generation, proprietary SaaS and mortgage broker support services. Finsure was also named Aggregator of the Year for 2017 at the Australian Mortgage Awards.