On 27th May 2014, Bitcoin merchant processor and wallet provider BIPS, announced its partnership with Fidor Bank in order to extend the offer of free bank settlements for its Danish merchants as well as apply to its European merchants. This move comes barely a few weeks after Fidor Bank AG decided to integrate Ripple Labs’ real time global settlement protocol.
“This initiative will further strengthen our commitment to lower fees for our merchants. BIPS is all about creating the best possible conditions for our customers and we constantly strive to improve processes, fees and speed,” stated CEO of BIPS, Hans Henrik H. Heming, in a press release. “Being able to offer reduced bank transfer fees is not only good news for our own business, but for every merchant that uses our payment gateway,” he added.
- The collaboration with Fidor allows BIPS to capture a larger marketshare in Europe.
- It allows the company to offer free SEPA (Single Euro Payments Area) bank settlements to its merchant customer base.
- It also in turn allows the bank to tap into the technological advantages offered by virtual currencies.
- BIPS is looking to forge new banking relationships in the future as it continues to push into new markets, according to Coindesk.
“Fidor Bank and BIPS both share the same forward looking view on financial services and merchant acquiring, and Fidor is therefore a natural choice for BIPS when it comes to bringing down transaction costs and increase efficiency for merchants,” commented Heming, in the same release. “This is a continuation of our global roll-out enabling merchants anywhere to receive payments faster and cheaper, and more bank partnerships are to come.”
Ripple Labs announced that Fidor Bank AG was the first to integrate its real time global settlement protocol. Fidor bank has previously worked with virtual currency related establishments including. Bitcoin Deutschland GmbH as well as Payward Ltd. (Kraken Exchange).
Fidor will utilize the company’s Ripple implementation to power -bank payments between branches as well as inter-bank payments with other institutions. Ripple defines itself as an open, decentralized payments protocol that allows the transfer of anything of value via a global value web.
The Ripple payment protocol allows for free and nearly instant payments with no chargebacks in any currency or unit of value. Businesses of any size can easily build payment solutions, such as prepaid, remittance apps, or money transfer and accelerate the movement of money on Ripple.
Ripple touts itself as enabling the world to move value in the same manner as information is moved around worldwide. With the integration of Ripple, Fidor users can instantly transfer any amount of money in any currency, at competitive rates via existing Fidor money transfer products.