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BitGold integrates Aurum Gold-Settlement Technology with 9 Major US Banks
GoldMoney Inc. (XAU), a full-reserve and gold-based financial services and technology group, has recently announced that the BitGold "Aurum" gold-settlement technology is now connected via the Automated Clearing House (ACH) network to nine of the top U.S. financial institutions including: JP Morgan Chase, Bank of America, Wells Fargo, Citi, US Bank, USAA, Fidelity, Charles Schwab and Capital One.
"We continue to focus our efforts on cementing the Aurum technology as best-in-class standard for execution and settlement of physical gold transactions, removing all friction from gold to currency transactions and making our gold accounts as seamless as any other form of money used in electronic banking," said GoldMoney CEO, Roy Sebag. "Today's integration connects Aurum directly to millions of chequing, savings and investment accounts in the US, which also paves the way for gold payment processing and commercial C2C, B2B, and B2C transactions using gold as the lowest-friction global payment rail for merchants."
Aurum is the patent-pending ledger, exchange and settlement technology underlying the BitGold platform and soon to be re-launched GoldMoney platform. With the Aurum update and integration now live, the BitGold platform is directly integrated with ACH in a NACHA compliant manner for secure authentication and instant online transactions, the press release said.
"Since my days as a professional investor I have wondered why there's no easy way to own and spend gold in a legal, transparent, and tax-compliant manner", said Sebag.
The users will benefit from the ACH integration owing to some key features such as no minimum transaction sizes, reduced fees, and greater control and visibility of transactions.
"Blockchain technology has unleashed a wave of payments innovation that will empower people the world over by lowering costs and increasing access to safe and transparent financial services," said BitGold Co-Founder, Josh Crumb. "We see gold, the asset bitcoin was designed to mimic, as an important element in this empowerment."