Uphold Cloud Money Platform Adds ACH

Cloud money platform Uphold is expanding the ways in which money moves.

The company announced the second phase of its global rollout yesterday (Nov. 23), which enables its U.S. members to fund their Uphold accounts with their bank accounts, debit or credit cards and even bitcoin, instantly.

The aim of the new functionality is to connect the legacy financial systems to the future of money and finance, the company said.

“The launch of ACH is an important stepping stone in Uphold’s path to bringing accessible, equitable, fair and free financial services to anyone, anywhere,” Anthony Watson, Uphold president and CEO, said in a press release.

“Our members deserve a better way to access their hard-earned money, faster and without unnecessary fees. Whether saving on checking fees, sending money abroad to family and friends or handling international business transactions, Uphold is faster and cheaper than traditional services — and entirely more transparent. We are changing the status quo of financial services,” Watson explained.

Prior to the launch, Uphold members in the U.S. could only fund their accounts by using bitcoin, but now more ways are available to send, receive, convert, hold and transact in 24 currencies and four commodities.

Uphold confirmed it will launch similar functionality across India and China in the coming weeks, with plans to eventually include additional capabilities such as Visa, MasterCard and Discover digital and physical cards.