GoldMoney, a gold-based financial service and technology group, has launched automated savings and payments tools for the BitGold platform, a self-directed savings platform and payments network.
The company claims that the recurring payment tools are designed to increase the functionality and engagement for both savings and payments segments.
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The recurring savings tool, BitGold’s "Gold that Grows" program, is an automated deposit feature that allows clients to pre-define an accumulation plan set on a daily, weekly, or monthly schedule.
According to the company, clients can choose from multiple funding sources, including ACH bank transfers and credit cards, and create a self-directed, auto-accumulating gold savings plan through the platform.
Also, the payments tool will allow users to plan and schedule recurring gold payments anywhere in the world.
BitGold CEO Darrell MacMullin said: "Recurring saving and payment tools have the potential of become some of the most important features of the BitGold platform. Mathematically speaking, gold has retained value in savings better than any global currency since the central banks ceased fixed conversion to gold in the 70’s, even after including the standard deposit interest that banks pay customers for taking solvency risk.
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By GlobalData"Before BitGold however, gold was often viewed as an investment where people timed their purchase given the friction, large minimum denominations, and other time and fees involved in accumulating bullion.
"Leveraging the BitGold platform’s e-payment integrations and settlement technology, savers can now build positions in gold that align with the unequivocal outperformance of gold over time, while tailoring their savings plan to the size and frequency of their needs with maximum automation and minimum cost and friction."
