German community bank Fidor is partnering with physical bullion outfit GoldMoney to offer customers precious metals transactions though the FidorPay ewallet.
The partnership will enable Fidor's customers to buy gold, silver, platinum and palladium without completing any GoldMoney application forms. Orders will be processed daily through the FidorPay Account at the bank and then placed with GoldMoney through an 'Omnibus-Holding' in the name of Fidor.
FidorPay is an Internet-based pre-paid ewallet that customers can use to transfer money in and out of accounts and to other FidorPay users in near real-time. The bank is adding virtual currencies to the account to enable customers to conduct peer-to-peer funds transfers and loans with other users across a variety of monetary denominations.
Matthias Kröner, Fidor Bank's CEO, says: "We want to offer our customers facilities to buy physical precious metals very easily, fast and online. Also we want to enable our customers to buy precious metal with as little as one euro. This will make precious metals accessible to a wide range of retail customers in Germany."
The arrangement represents the first partnership struck by GoldMoney with a financial institution.