The Ultimate - Alternate Payment System (APS) Pt.5 of 6

GoldMoney has a strict ‘Customer Acceptance Policy’ (CAP) and strict identity verification requirements. The CAP is an important part of GoldMoney’s commitment to ensure that their services and facilities are not used to facilitate criminal conduct. Depending if your account is personal or corporate, various forms will need to be filled out, signed and sent directly to the company’s offices in the Channel Islands. These forms must also be notarized or certified (apostille) as per your local jurisdiction. Any corporate account would of course include disclosures about the officers, directors, shareholders etc. Additionally, certified ID copies are required on the account operator including verification of their home address which is a bank statement, utility bill or copy of a tax return. Wheeew….

In order to properly operate or even use a GoldMoney account you basically need all the items that are regularly required to open a bank account. GoldMoney protects it’s operation and assets by absolutely requiring users to disclose ‘who’ they are…..its important to also note that GoldMoney sells digital currency directly to customers and engages in fund transactions with clients’ banks. Account holders can purchase GoldMoney through a third party agent but I suspect that a majority of customers go direct. A GoldMoney account seems a lot like a bank account and they require all the information and documents BEFORE any account holder can withdraw one dollar from that new account. So a new account is NOT operational until all your documents and disclosures have been accepted.

This type of protection/verification is very restrictive and I’d consider it overkill. I understand why they use such methods and it works well for their business model. However, our Ultimate system will be used for online commerce. The more red tape encircling a new account - the less an e-commerce operator will participate. I assume that all the red tape on a new account is the major reason, Goldmoney is primarily a precious metals ’saving’ account and not widely adopted by online commerce as a ’shopping’ currency like PayPal or Moneybookers.

PayPal has some stringent verification methods in place to prevent fraud or at least try to prevent fraud. In order to open and operate a PayPal account, a new account holder needs to ‘verify’ who they are with a credit card or bank account BEFORE they can operate the account. Additionally if they ask for it, and they often do, customers have to send in copies of their ID, bank statement, credit card statements etc. For the purpose of our new Ultimate APS, PayPal puts way too many restrictions on global accounts and this rules out a majority of OUR potential online users. The methods for funding PayPal are also not helpful to our target market. We are going to use prepaid cards and vouchers for the unbankable crowd - so PayPal type verification is OUT.

Both GoldMoney and PayPal require a lot of verification on users BEFORE a new account holder can transact one penny through the account. I don’t agree with these requirements so let’s look at a more acceptable way of offering new digital money accounts.

Webmoney has a terrific system in place to prevent misuse of their accounts but at the same time providing all new users a working WM account the moment they sign up. Registration is quick, free and does not REQUIRE a credit card or bank account.

Webmoney wisely does not try and verify a person using a credit card That method used by PayPal and others is simply useless since the creation of prepaid virtual cards. Its laughable how any company would consider that ‘verfication’ of anything!

Upon opening an account, the WebMoney Transfer Registration Wizard requests AUTHENTIC and verifiable personal data from its new account holders because later in the process that information can be ‘verified’ and an electronic ‘Passport’ issued on that account. Webmoney Transfer is ideal for global business. It it does not initially require users to verify their identity and account information. However, they do suggest that all users get verified and do business with other verified member.

After a very simple verification process, Webmoney issues that user a digital passport, that identifies the specific user and account, some of that personal info then becomes public for other users to view, but the user retains control of the amount of publicly visible info at all times. I think it is important for one user to be able to know who they are dealing with during a money transfer and the Webmoney system works very well in this regard.

The WM Verification Program offers several status levels. The higher the status of a WM-Passport the more options are available to the user from within the WM system and the more services they can use.

This is ideal for our Ultimate APS, if only Webmoney has a gold backed system

The Webmoney Transfer account is operational the moment you open it. New account holders can accept incoming funds and spend right away, fantastic!

Moneybookers is a bit like Webmoney in that you can immediately use the MB system the moment you open an account. Moneybookers is licensed and operated under the supervision of the FSA in the United Kingdom. Moneybookers allows use of a non verified account up to certain lower money transaction limits (about $1300) without any ID, credit card or bank account verification. Adding ID, credit cards or a bank account will loosen that restriction and raise your limits. Moneybookers even will verify a client using a snail mail letter to the registered address which is a very convenient option for our unbankable crowd.

For our Ultimate APS, Webmoney and Moneybookers offer the best solution for verification of ‘who’ a client is…the account is open and working from day one and if a client wants greater use of the account, they can provide additional information.

Finally, e-gold…. E-gold accounts, require NO verification of who you are, new accounts are instantly live and working, identifying information is NOT required and finally when a user provides verifiable information it is never checked !

Ouch, I will stay away from that kind of freedom. In our Ultimate system we have to follow some international guidelines in order to grow and prosper as a digital currency. That future growth may just require change and adaptation to new financial avenues which become the norm for Internet commerce.

The Ultimate - Alternate Payment System (APS) Parts 1, 2, 3, 4


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