bitcoin:
Paxum (@PaxumInc) has introduced electronic funds transfer (EFT) for customers in nearly two dozen countries. For the first time those holding bitcoins in those countries can now use an exchange to move funds to Paxum (directly with Mt. Gox, Intersango and TradeHill or indirectly through the use of BitInstant) and from there withdraw as an electronic bank transfer.
Paxum does require the customer to first prove identity during the set up of the customer account (with two forms of photo identification required for customers in areas considered risky) however subsequent transactions will occur in a more timely manner.
The Canadian registered money service business been offering global money transfer and merchant payment services since 2007. Paxum is among the financial organizations whose service offerings mesh relatively well with the needs of Bitcoiners. This new EFT offering is the first such electronic link between Bitcoin and the banking systems in many nations. The full list of countries where Paxum funds may be withdrawn via an EFT now includes:
- Australia
- Austria
- Belgium
- Canada
- Finland
- France
- Germany
- Holland
- Hong Kong
- India
- Ireland
- Japan
- Mexico
- Poland
- Russia
- Singapore
- Spain
- Sweden
- Turkey
- Ukraine
- United Arab Emirates
- United Kingdom
- United States
Additionally, Paxum announced that it has resumed its ACH service, giving the ability for customers in the U.S. to load and withdraw funds between their bank and Paxum.
Customers may hold balances with Paxum in USD, CAD, EUR and GBP through a wallet for each currency desired.
This EFT withdrawal will likely be valued by immigrants wishing to send remittances to family members back home. Recently the U.S. Consumer Financial Protection Bureau issued new rules requiring greater transparency regarding fees along with additional regulation. To-date, Bitcoin hadn’t been particularly useful for remittances due to Bitcoin exchanges not having banking relationships in the developing countries where the bulk of remittance transfers land.
From the U.S. alone there are US$400 billion in remittance payments made and globally nearly that same amount in remittances are transferred to just to developing nations.
tl;dr: Paxum just expanded to the developing world — a new frontier for Bitcoin.