AMSTERDAM — Verotel has announced the debut of Bitsafe, a new suite of affordable banking tools that allows adult merchants to handle their online business more securely, safer and discreetly.
Verotel Merchant Services B.V. is an internet payment service provider based in Amsterdam, with additional offices in California and Prague, and is registered and regulated as a Payment Institution with the Dutch Central Bank, as Payment Facilitator with MasterCard and Merchant Agent with VISA. Its new Bitsafe tools include a unique IBAN, free talent and affiliate payments, a domain registration tool, a prepaid debit card and cash payouts.
According to the company, while adult and other merchants are more limited in running their business by regulators, domain registrars, banks, agencies and governments, Verotel believes in equal opportunity, respect, and care for everyone independent of race, gender, religion or sexual identity. With its main headquarters in the liberal country of the Netherlands, Verotel developed the Bitsafe suite of banking tools as an addition to its current service offering.
“We believe that that the internet should be a place to engage in financial transactions, free from privacy infringement, identity theft, and governmental control,” says Verotel CEO Joost Zuurbier. “With the introduction of Bitsafe, we have found a new way for global merchants, adult talent, affiliates and alike to benefit from new upcoming European payment service regulations by providing them a Basic Payment Account that is fully compliant with European AML, PSD, PSD2 and GDPR regulations.”
Starting July 2, all Verotel customers will automatically receive credentials to their new Bitsafe account. This summer, many new features will be added to this account, including all processing settlements calculated daily instead of weekly, with outstanding balances available on demand, enabling Verotel merchants to receive their payments daily.
Merchants and affiliates, such as resellers and talent, will be able to open up a free Bitsafe account. These Bitsafe accounts are available to both individuals and businesses regardless of whether they are processing payments with Verotel or not, as these accounts are considered a Basic Payment Account that comes with a unique IBAN, which allows account holders to participate in SEPA (Single European Payment Area) transactions. By the end of this year, such transactions are processed within a few seconds (instant payments) across Europe. Bitsafe has acquired its own SWIFT BIC and according to the Dutch rules and regulations this BIC will show in each IBAN. An example IBAN that may be issued is NL04BITS0318300008.
Transfers between Bitsafe accounts are free of charge, allowing adult merchants worldwide to use a simple API to distribute payments to affiliates and talent instantly, with affordable fees charged for SEPA transactions and SWIFT transfers.
Onboarding of new accounts and authenticating payments from the Bitsafe accounts will be handled with a Bitsafe App, available for Android and iOS that uses the mobile camera to verify identification documents and biometric information. With a fingerprint, a blink of an eye or movement of the head, transactions can be authorized.
Privacy is a key element for everyone working within the adult industry, and with the introduction of the new European General Data Protection Regulation (GDPR) in May, Verotel and Bitsafe allow merchants to register or transfer domains while protecting their identity. Domain names can be registered with Bitsafe at cost price, making this service the cheapest domain solution available. Bitsafe also offers additional privacy protection for a nominal fee that further safeguards digital assets and ensures continuity.
“Combining the trust in payments and domains makes perfect sense,” says Verotel Managing Director Marcel Trik. “With Bitsafe we are not only protecting your money but also your digital assets in one single discreet account. We firmly believe that everyone should have the right to participate on the internet and conduct their business in a safe and secure environment.”
Also planned for this summer, Verotel and Bitsafe will introduce two new payment products allowing Bitsafe account holders to take their money out in cash, by either using a prepaid debit card with a PIN (accepted in most shops and ATMs worldwide) or receiving cash from a remittance agent.
“We are really excited to announce these new tools to an industry that is known to adopt new and innovative online technologies,” Zuurbier explains. “As a Fintech Scale-up we understand the world of finance, identity, and privacy and we combine these elements in one single brand. While adult businesses, talent, and affiliates are marginalized by various parties across the world, Verotel will continue to serve the global adult industry from our European headquarters in Amsterdam — free from prejudice.”
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