The European market leader in cryptocurrency payment solution BIPS announced today a partnership with Fidor Bank of Germany to offer European merchants free and fast bank settlements.
Fidor Bank, based in Munich, Germany, is no stranger to cryptocurrency. In January of this year, the bank launched a bitcoin derivatives market, allowing speculators to bet on the rising and falling prices of bitcoin.
These improved settlements are a part of SEPA, the Single Euro Payments Area. SEPA is a European Union initiative that allows for the simplification of bank transfers denominated in the Euro currency.
“This initiative will further strengthen our commitment to lower fees for our merchants,” said BIPS CEO Hans Henrik H. Heming. “BIPS is all about creating the best possible conditions for our customers and we constantly strive to improve processes, fees and speed. 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.”
It’s a great move that could help to expand BIPS’ reach in the European Union amongst merchants looking to accept digital currency.
“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,” Heming adds. “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.”
BIPS was established in mid-2011 and offers bitcoin payment processing, recurring billing, and other products and services. Merchants signed up with BIPS receive free, instant settlements in what the company declares a “fraud free” and “chargeback free” environment.