Nov. 16, 2018
Bitsafe, a Dutch fintech firm, has launched a borderless basic payment account, which allows customers to deposit funds, make payments and access funds online or using a mobile device, according to a company press release.
Traditionally, banks are only allowed to offer accounts to customers in their home country or region, however, Joost Zuurbier, chief executive of Bitsafe, said that new European legislation allows users to offer accounts globally.
He said Bitsafe accounts have a unique Dutch IBAN number, and a central bank stores the funds, allowing customers to access funds immediately. Although Bitsafe accounts are denominated in Euros, plans are in the works to also show them in British pounds and U.S. dollars. The company is also planning to launch a Bitsafe debit card.
Bitsafe spokesman Mike de Ruyter told Mobile Payments Today that Bitsafe customers can use an AI-enhanced mobile app, which can be used to make payments and deposit and withdraw funds and is available on Google Play or the Apple Appstore.
Users can send and receive SEPA [Single Euro Payments Area] funds, send and receive SWIFT code wire transfers and also send checks to the U.S., like traditional bank accounts, he said.
Bitsafe is also taking part in the development of the European Instant Payment scheme, which will allow for payment transactions to be completed in 10 seconds or less across the SEPA region by the middle of 2019, according to the release.
The company was originally launched in San Francisco in 1998, but later relocated to Europe.
Topics: Bill Payment, Mobile Banking, Region: EMEA
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