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Goldmoney Accelerates Settlement of Direct-to-Bank Gold Redemptions

 -- Published: Wednesday, 31 August 2016 | Print  | Disqus 

Toronto, Ontario (August 31, 2016) – Goldmoney Inc. (TSX:XAU), a financial technology company operating a global, 100%-reserved gold-based financial network, today introduced a new closed-loop network integration that enables instant gold redemption and expedites direct-to-bank value settlement for 87 countries and 44 currencies, accelerating global commercial transactions and supporting small business growth. Goldmoney Personal and Business users can now redeem gold balances to supported local currencies instantly and receive value settlement denominated in local currencies within 48 hours for a fee of only one percent.

“We’re continuously strengthening our partnerships and improving the functionality of the Goldmoney network making it one of the most efficient methods for global transactions. With this new integration, we’re making personal and business global gold payments and redemptions faster and easier than ever before,” said Darrell MacMullin, CEO, Goldmoney Personal and Business. “International wire transfers can take up to one week, imposing unnecessary delays on person-to-person transfers, impeding cash flow and delaying small business growth. By using vaulted gold bullion for universal and efficient payments, Goldmoney Personal and Goldmoney Business users in eligible countries can instantly receive payments in gold and redeem to supported currencies at any time. Direct-to-bank settlements of redeemed value are completed in under 48 hours—and in some cases, within minutes.”

Direct-to-Bank Redemption Availability and Associated Settlement Times

CountryPersonalBusiness1Settlement TimeSupported Currency
AntiguaSame DayXCD
Argentina Next DayARS
AustriaNext DayEUR
BangladeshSame DayBDT
BarbadosSame DayBBD
BelgiumNext DayEUR
BeninNext DayCFA
Bolivia Same DayUSD
BrazilSame DayBRL
BulgariaNext DayBGN
Burkina FasoNext DayCFA
CanadaNext DayCAD
ChileNext DayCLP
ChinaNext DayUSD
Colombia Within Minutes to HoursCOP
Costa Rica Same DayCRC
CyprusNext DayEUR
Czech RepublicNext DayEUR
DenmarkNext DayEUR
Dominican Rep. Within Minutes to HoursDOP
Ecuador Within Minutes to HoursUSD
EgyptSame DayEGP
El Salvador Within Minutes to HoursUSD
EstoniaNext DayEUR
EthiopiaSame DayETB
FinlandNext DayEUR
FranceNext DayEUR
French GuianaNext DayEUR
GambiaSame DayGMD
GermanyNext DayEUR
GhanaSame DayGHS
GreeceNext DayEUR
GuadeloupeNext DayEUR
Guatemala Within Minutes to HoursGTQ
GuineaWithin Minutes to HoursGMT
Guinea BissauNext DayXOF
GuyanaSame DayGYD
Haiti Same DayUSD
HungaryNext DayEUR
IcelandNext DayEUR
IndiaWithin Minutes to HoursINR
Indonesia Same DayIDR
IrelandNext DayEUR
ItalyNext DayEUR
Ivory CoastNext DayXOF
Jamaica Same DayJMD
Japan Same DayJPY
KenyaSame DayKES
LatviaNext DayEUR
LiechtensteinNext DayEUR
LithuaniaNext DayEUR
LuxembourgNext DayEUR
Malaysia Same DayMYR
MaliSame DayCFA
MaltaNext DayEUR
MartiniqueNext DayEUR
Mexico Within Minutes to HoursMXN
Morocco Same DayMAD
Nepal Within Minutes to HoursNPR
NetherlandsNext DayEUR
NigerNext DayXOF
NigeriaWithin Minutes to HoursNGN
NorwayNext DayEUR
PakistanWithin Minutes to HoursPKR
Panama Same DayUSD
Peru Within Minutes to HoursPEN
PhilippinesWithin Minutes to HoursPHP
PolandNext DayPLN
PortugalNext DayEUR
ReunionNext DayEUR
RomaniaSame DayRON
Russia Within Minutes to HoursRUB
SenegalNext DayCFA
SlovakiaNext DayEUR
SloveniaNext DayEUR
SpainNext DayEUR
Sri Lanka Same DayLKR
St Kitts & NevisSame DayXCD
SwedenNext DayEUR
Thailand Same DayTHB
TogoNext DayCFA
Trinidad & TobagoSame DayTTD
Ukraine Same DayUSD
United KingdomNext DayGBP
UsaNext DayUSD
Venezuela Same DayVEF
Vietnam Same DayVND

1Only Goldmoney Business account holders may redeem to a business bank account.

About Goldmoney Inc.

Goldmoney Inc. (TSX:XAU) is a mission-driven financial technology company that operates the world’s largest 100%-reserved gold-based savings and payments network. Goldmoney® provides financial services as a trusted third-party, combining the unique attributes of gold with technology-driven innovation. Through Goldmoney Personal and Goldmoney Business, anyone with internet access can buy, sell, transfer, earn, or redeem physical allocated gold on the network. Goldmoney Wealth offers bespoke precious metals custody and wealth services, trading and execution, card services, tax-free retirement accounts and independent research to high net worth individual investors and institutions. Goldmoney Inc. has more than 1.22 million user signups from more than 150 countries and $1.85 billion in client assets under administration (as at August 30, 2016). Together, Goldmoney Personal and Business are regulated as a Dealer in Precious Metals by the Financial Transactions and Reports Analysis Centre of Canada. Goldmoney Wealth is regulated as a Money Services Business by the Jersey Financial Services Commission. For more information about Goldmoney, visit goldmoney.com.

Media and Investor Relations inquiries:

Jacquelyn Humphrey
Director of Global Communications
Goldmoney Inc.
jac@goldmoney.com

For more information:

Josh Crumb
Chief Strategy Officer
Goldmoney Inc.
647-499-6748

Forward-Looking Statements
This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “may”, “potential” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. (the “Company”) believes, expects or anticipates will or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof. Forward-looking information in this release includes, but is not limited to, statements with respect to: service times for transactions on the Goldmoney network; growth of the Company’s business, expected results of operations, and the market for the Company’s products and services and competitive conditions. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the Company’s limited operating history; history of operating losses; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company’s ability to manage rapid growth; competition; effectiveness of the Company’s risk management and internal controls; use of the Company’s services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; and those risks set out in the Company’s most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.


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 -- Published: Wednesday, 31 August 2016 | E-Mail  | Print  | Source: GoldSeek.com

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