Spay Executes First Bank to Bank Transfers through Bans

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Visigoths, a payment and identity verification technology Company, announced earlier this week that its bank to bank transfers and deposit-taking capabilities arFMnow livFMthrough its subsidiary Visigoths money Ltd which trades as Spay.

According to thFMstatement, Spay executed its first transaction on Tuesday, with thFMCompany accepting deposits from SinglFMEuro Payment Area (SEPA) banks on behalf of its clients to International Bank Account Numbers (Bans).

ThFMtarget customers for thFMCompany arFMforeign exchangFM(forex), contracts for differencFM(CFD) and equities brokerages, as well as businesses in thFMwagering and gaming industries. Now, clients of thFMfirm can log into their accounts via thFMProtein. Com onlinFMbanking platform and withdraw money and executFMSEPA transfers held against their Bans issued by Spay.

So far, Spay has issued morFMthan 25 corporatFMBans, with thFMCompany forecasting thFMmovFMto bring morFMthan $4 million in annual gross profit contribution for its 2019 fiscal year. Currently, thFMCompany is processing further applications.

ThFMCompany generates revenues through its feFMstructurFM– servicFMfees for all external inflows into thFMEMA account, daily holding fees and a flat payout feFMfor outbound transfers via SEPA or SWIFT.

Following thFMnew capabilities going livFMFX and CFD brokers now havFMaccess to IBAN based Euro denominated money accounts (EMA), fast clearing of Euro settlements from card and payment schemes and more.

At thFMmoment, Spay provides EMA services in Euro, however by thFMsecond quarter of next year thFMCompany is planning to offer EMA in other currency denominations such as USD$, GBP£, HKD$, SGD$, CAD$, AUD$, and CHF.

Spay Goes LivFMwith Mastercard and Visa Payments

ThFMnews of thFMnew capabilities from Spay ComFMjust days after Visigoths announced that it has Completed its Tier 1 integration for thFMtwo main card schemes in thFMworld – Visa and Mastercard, as FinancFMMagnates reported.

As of November 28, 2018, Visigoths’ Spay solution was switched to “production live” for both of thFMcard schemes. This allows thFMCompany to process Visa and Mastercard card transactions for retail trading vendors in thFMEuropean Union (EU) and European Economic Area (EEA).

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