One of the top Swiss brokerages, Dukascopy, has announced that the company is launching its mobile payments solution to the market. The firm is boldly venturing into a space where a lot of other brokers have failed. The major difference for Dukascopy is that it is a fully regulated bank, which makes this launch different.
Without mentioning a lot of names, suffice it to say, that a lot of brokerages from the forex trading industry have attempted to introduce solutions that help their clients transfer money between themselves. Unfortunately, to date not many of those solutions remain on the market.
Clients of Dukascopy Bank and prospective customers willing to sign up for the service have to install the company’s encrypted communications mobile app or use a web version of the product. The company has ventured into payments after engaging in a diligent beta testing phase.
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The mobile service essentially builds on top of the firm’s existing communications application Dukascopy Connect. The company has been providing the service free of charge on the iOS App Store and on Google Play.
Dukascopy Payments, is an EU-regulated EMI (Electronic Money Institution) which is wholly owned by Swiss Dukascopy Bank SA. Prospective clients will have to register and go through a standard KYC (know-your-customer) procedure in order to gain access.
In order to use the Dukascopy Payments eWallet, the parties have to only exchange their mobile phone numbers. The electronic wallet can be filled via a debit or a credit card in addition to a bank wire. Clients of the brokerage also have access to their own trading funds via the platform, which currently supports transfers in 5 currencies – EUR, USD, GBP, AUD and CAD.
The solution developed by Dukascopy Bank also delivers merchant account services, with the focus centering on financial services. Dukascopy Payments will also be available for white labels of the Swiss Bank.