How Gold Can Ease B2B Payment Friction

Gold-based financial services and technology firm GoldMoney has just made it easier for businesses to conduct payments with the metal. On Tuesday (Aug. 18) the company revealed that its BitGold “Aurum” settlement services are now integrated with nine leading U.S. financial institutions via ACH.

JPMorgan Chase, Bank of America, Wells Fargo, Citi, U.S. Bank, USAA, Fidelity, Charles Schwab and Capital One all now support the BitGold settlement technology known as Aurum.

According to GoldMoney, the update to the technology means BitGold is now NACHA-compliant and can facilitate instant online transactions and settlements with the nine banks, reducing friction of gold-to-currency payments.

“Unlike traditional ACH confirmations which can require several days for users to verify a credit into their account,” GoldMoney said in its announcement, “the Aurum integration allows BitGold platform users to verify and link their accounts in an innovative real-time authorization process.”

Users of the BitGold platform that also have an account at one of the nine banks will now gain access to instant deposit or redemption services.

BitGold said the tool is an alternative to fee-heavy bank wires and does not force a transaction minimum on users. The service also reduces paperwork and lessens the chance for human error that can occur when transactions are manually processed.

According to GoldMoney CEO Roy Sebag, the service has implications for a wide array of scenarios, including B2B payments. “Today’s integration connects Aurum directly to millions of checking, savings and investment accounts in the U.S., which also paves the way for gold payment processing and commercial C2C, B2B and B2C transactions using gold as the lowest-friction global payments rail for merchants.”

For BitGold CEO Darrell MacMullin, the integration of Aurum with the nine banks is an accomplishment for the effort towards frictionless global payments. “We’ve now enabled the most modern interaction with U.S. banking systems for enhanced verification, security and unprecedented simplicity in buying and storing vaulted gold for U.S. bank customers,” he said in a statement.

BitGold and GoldMoney struck a merger deal in July for $60 million.

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