by Hillary LaClair, Senior Editor
A new form of payment just opened up to online casino gamblers, as the Mansion group has announced its new online bank under the oversight of the UK Financial Services Authority. Ivobank, owned by the Sampoerna family, is the first independent bank to launch since the “dotcom boom” in 2001. It is also the first financial institution to be authorized and regulated by the UK FSA.
Ivobank offers a fast and secure method of online payment and money transfer, particularly for internet gamblers. Its customers will now be able to instantly transfer money from an online account to friends and families overseas, making it the ideal form of payment to online casinos. The Sampoerna family expects to see over one million customers within the next five years. Ivobank Managing Director, Timothy Sawyer, says that the bank, while available to anyone, was created with internet gamblers in mind.
“The online gaming industry has developed rapidly in recent years, but the financial services supporting it have not kept pace,” said Sawyer, “Many online businesses and customers have been ill-served to date, resulting in relatively high costs and relatively low levels of service. Ivobank aims to plug the gap by offering instant and highly secure online payment services, combined with competitive interest rates.”
Competitive rates, indeed. The bank is offering interests rates of up to 4.25% AER on deposits, and all monies moved by customers will be insured and transferred immediately as part of a 24/7 operation. Foreign exchange will also be available with a lower transaction fee.
Anyone may apply for an online account at Ivobank’s website, free of charge with no required deposit. Account holders will then be given access to a digital debit card, or Ivobank Virtual Card, used to make online purchases. The card can be securely used online wherever MasterCard is accepted. Ivobank also has around-the-clock customer service available by means of telephone, e-mail or Live Chat.