B2B Payments

The Golden Child Of Cross-Border Payments?

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Bitcoin may be the hot topic of discussion for enterprises looking to ease cross-border payments friction, but one company is banking on another currency with a bit more history behind its belt.

GoldMoney, a gold-based financial services firm, revealed Wednesday (Jan. 6) that it has made moves to connect its gold settlement technology to online banking platforms in 23 new countries.

[bctt tweet="This gold settlement technology links to online banking platforms in 23 countries."]

The company’s subsidiary, BitGold, partnered with ePayments technology company Trustly to connect what GoldMoney said is hundreds of financial institutions across Europe to BitGold’s direct deposits and redemption services.

The technology operates on GoldMoney’s Aurum technology, a ledger, exchange and settlement tool on which BitGold operates, GoldMoney said. The solution allows users to move between currency and gold via online or mobile banking in real time, the company said.

In a statement, BitGold CEO Darrell Macmullin said the solution is an effort to remove friction from transactions that need to transfer between gold and currency.

“Today’s integration connects BitGold directly to millions of checking, savings and investment accounts in the EU/EEA, which also paves the way for gold payment processing, remittance transfers and commercial C2C, B2B and B2C transactions, using gold as the lowest-friction global payment rail,” he said.

Separately, GoldMoney CEO Roy Sebag named gold as the “most efficient global payment medium.”

“We’ve now enabled the latest technology for interaction with the EU/EEA banking systems for enhanced verification, security and unprecedented simplicity in buying and storing vaulted gold,” the executive said. “Our goal is to have additional direct bank integrations in every major continent by the end of 2016.”

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