London: 17 December 2008 - GoldMoney, one of the world’s foremost dealers in gold and silver bullion to retail investors, has implemented an online identity verification service through leading consumer verification expert, Equifax, to enable US & UK residents to open an account entirely online and transfer funds within 20 minutes.
James Turk, founder of GoldMoney, said: 'The signup process combines efficiency with state-of-the-art security and, assuming a customer passes the online verification, they are then able to obtain our bank wire details within a matter of minutes.'
Gold and silver bullion is seen as a natural safe haven given the uncertainty in the banking system and the volatility in the stock market. Demand in the past six months has increased dramatically as investors recognise the retained value of gold and its stability relative to other currencies and financial instruments.
'The online account system enables US & UK residents to sign up online and buy gold and silver from the comfort of their home, without paying the high premiums for coins and small bars, assuming they can find any at all,' Mr. Turk added.
Traditional verification procedures require a paper trail and can take anything up to a week to complete, which is inefficient in today's market.
'It is tremendously exciting to see the application of our leading-edge identity verification tools outside of the credit and lending market' confirmed Neil Munroe, External Affairs Director, Equifax. 'Accessing data on 45 million consumers and 4 million businesses, our Identity Verification Solutions confirm the existence of an identity and confirm that the applicant owns the identity. This is crucial for a business like GoldMoney where they want to be able to facilitate online transactions, but without risk.'
GoldMoney customers can open an account for as little as $100 and transfer funds to specially segregated marked accounts and earn interest on their funds prior to placing a specific order for gold or silver. Orders and payments are made through a secure on line system and processed by Gold Money's database servers which record transactions and store currency and metal balances. All customer metals are insured and held in allocated storage in specialised bullion vaults in Zurich and London, and the metals are audited annually and reported to customers.
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Damian Beeley firstname.lastname@example.org
Neil Munroe email@example.com