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Bitsafe to payoneer8/6/2023 ![]() It is a move that is disrupting the global banking industry.īanks have always had a monopoly when it comes to storing people’s money. Today the Dutch company Bitsafe, headquartered in Amsterdam and regulated by the Dutch Central Bank, is paying homage to their roots and again making history as the very first company to offer payment accounts to anyone in the world. The very first joint stock company worldwide was also founded in Amsterdam. In the sixteenth century it was the Provinces of the Netherlands that were the very first ones globally to introduce new financial instruments such as promissory notes and life annuities. This results in zero credit risk and immediate availability of funds.” Funds in accounts are not stored with another bank, but with the central bank we work with. “All Bitsafe accounts will bear a unique Dutch IBAN. Thanks to new European legislation, Bitsafe is now able to accept customers from all over the world. ![]() The new Bitsafe accounts were showcased during the Benzinga Fintech Summit event that was held in downtown San Francisco, a mere stone’s throw away from the location where Bitsafe originally started in 1998.īitsafe CEO Joost Zuurbier said: “Residents of a given country are usually limited to opening a bank account with a bank in their home country or region. Every Bitsafe account comes with a unique IBAN which allows sending and receiving payments globally, including to and from the SEPA region. Bitsafe account holders can make deposits, make payments and withdraw funds. Photo: courtesy of PRNewswire / Bitsafe.Ī Basic Payment Account works just like a local bank account. Image: Bitsafe has launched borderless basic payment account. SEPA Instant Credit Transfer will be a true competitive product to credit card transactions.Dutch fintech scale-up Bitsafe has opened up registrations for its borderless Basic Payment Account to anyone in the world. Bitsafe will also implement these new rules allowing to receive and send payments less than 10.000 euro in less than 10 seconds. The year 2020 will be the year that more and more banks will launch SEPA Instant Credit Transfer. What's next? SEPA Instant Credit Transfer All wire transfers to any Bitsafe account should be send to one of the banks that Bitsafe is using, using the Bitsafe IBAN in the description field "for further credit to NLxxBITSyyyyyyyyyy". Although Bitsafe operates its own BIC/SWIFT code: BITSNL2A, it doesn't use this BIC/SWIFT code for incoming wire transfers (yet). Wire transfers are more costly and incoming wires take more time to become available in your Bitsafe account.īitsafe works with a variety of banks to execute incoming and outgoing wire payments. If you send money to a Bitsafe IBAN from one of the SEPA countries and their dependencies these funds will be made instantly available in your Bitsafe account.Ī wire transfer is either a) sending or receiving money from and/or to countries outside the Single European Payments Area (SEPA) or b) sending or receiving non-euro payments from and/or to countries within SEPA. Bitsafe IBANs participate fully in SEPA and Bitsafe has adhered to the Sepa Credit Transfer rules provided by the European Payments Council. Most SEPA transfers are completed on the same day. SEPA is the abbreviation for the Single Euro Payments Area and consists not only of the euro countries, but also of the other European Union countries, other European countries and their dependencies. IBANs are used in local account transfers (from one Bitsafe account to the other), SEPA transfers and wire transfers. ![]() Therefore all Bitsafe IBANs start with NL, then two check digits, then BITS (the first four letters of Bitsafe’s BIC/SWIFT number) and then a 10-digit account number. ![]() Bitsafe issues these IBANs from the Netherlands. The IBANs of Bitsafe are easily recognizable. An IBAN starts with the two letter country abbreviation, then two check digits and then the çountry-specific and user-specific string of alphanumeric characters.īitsafe provides unique IBANs to all its customers, both talent and businesses alike. While the IBAN system was published in 1997 by the international organization for standardization it took years before most countries have adopted the format. With IBAN all these different systems are merged into one format. For example, in the United Kingdom there was the sort code and in Germany the Bankleithzahl. Before the introduction of IBAN various countries had their own national standards for bank identification. The International Bank Account Number (IBAN) is an internationally agreed system of identifying payment accounts across national borders to reduce the risk of transcription errors.
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