Australian digital bank, Goldfields Money partners with fintech disruptor, Ivy Koin LLC, to explore blockchain validation solutions to legitimise digital currency transactions
Strategic Alliance with Ivy Koin LLC
Under the agreement Goldfields Money & Ivy will be working closely together to commercialise the use of blockchain technology in banking to validate and legitimise digital currency to fiat transactions in the traditional banking framework.
Goldfields Money has recently revamped its digital banking platform and has a modern mindset working to cater for the needs of technology savvy consumers. Ivy's technology is a perfect solution to explore new digital currency markets.
Ivy uses blockchain and utility tokens to provide an innovative solution for validation. These tokens will carry "Know your Customer" (KYC) and "Know your Transaction" (KYT) information, critical for financial institution validation and will allow Goldfields Money to open new revenue streams from digital assets and meet Anti-Money Laundering, KYC and other regulatory requirements.
Simon Lyons, Managing Director of Goldfields Money said "The technology behind digital currencies really can't be ignored."
"The biggest issues for the traditional banking sector in dealing with digital currencies are ensuring that financial institutions meet their compliance obligations and are able to adequately identify the source of funds, the identity of an account holder and verify other aspects of these transactions."
"We are excited to be working with Ivy to pioneer solutions to ensure compliant validation occurs that meets the stringent regulatory requirements required of banks."
Ivy President, Ash Shilkin said "Digital currencies are now being adopted into the mainstream. Blockchain-based products can help drive not only the payments but also the underlying verification required by banks for the transactions to be deemed bankable as well as meeting the standards of regulators.
"This opens up new customer and revenue opportunities for banks like Goldfields Money.
"As our banking partner in Australia, Goldfields Money will make it easier and safer for Australians to switch between digital and fiat currencies."
This announcement comes during a time of increased interest in KYC and KYT technologies, as they are necessary for banks, financial institutions and exchanges to meet regulatory requirements. The partnership between Ivy and Goldfields Money is a step toward further integration of blockchain technology into other established financial institutions.
About Ivy Koin LLC
Ivy Koin LLC provides blockchain-based technology for fiat & cryptocurrency business transactions which require extensive verification in the international monetary system. The Ivy network utilises ivyKoin (IVY) tokens which carry KYC & KYT data points critical for financial institution validation. In November, in partnership with Hive Empire Trading Pty Ltd Ivy launched 'IvyPay, a service for Australians to use their cryptocurrency to pay bills or to turn it into cash and deposit it in their Australian Bank account.
For more information on the Ivy Project, or the partnership between Ivy and Goldfields Money, visit www.ivyproject.com or follow the company at @ivykoin across social media.
About Goldfields Money Ltd
Goldfields Money (ASX:GMY) is Australia's new revolutionary digital bank, distributing first class products through a largely branchless distribution network. A bank without the bank. This digital banking platform is built on the recently implemented mobile first, world class core banking system provided by Temenos and our proprietary mortgage distribution software "Loankit".
Goldfields is ASX listed (ASX:GMY) with two key divisions:
Banking (operates under "Goldfields Money" and "Better Choice" brands) - an APRA regulated bank that offers deposit and loan products that are funded either on-balance sheet or off-balance sheet through a range of third party lenders. Our deposits are all guaranteed by the Australian Government Deposit Guarantee for up to $250,000 per customer. We are the new approach to banking in Australia, we're honest, with transparent bank practices and a straightforward approach to you and your money. It's all yours, honestly.
Mortgage Aggregation (operates under "Finsure" and "Loankit" brands) - an ASIC regulated mortgage aggregation and software technology platform with over 1,475 loan writers as of 31 August 2018. Finsure puts brokers first and is a leader in the market in offering a diverse lending panel, flexible commission models, training, lead generation, proprietary SaaS and mortgage broker support services. Finsure was also recently named Aggregator of the Year for 2017 at the Australian Mortgage Awards.
Goldfields Money Ltd