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GoldMoney gold-settlement tech integrated via ACH with nine top US banks

18 August 2015  |  2097 views  |  0 Source: GoldMoney Inc

GoldMoney Inc. (XAU.V), 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.

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