Money News
Ivobank, an online bank specifically designed for online payment services, has officially made its debut in the UK - the bank simultaneously launching in Ireland, Spain and Canada.
Based in London, the bank has been set up by a number of industry veterans that have held senior positions at the likes of Lloyds TSB, Abbey, BP, cahoot, PA Consulting, Logica, Lastminute.com, Chartwell and Legal & General Bank plc. It is authorised and regulated by the FSA and adheres to the Banking Code.
The bank claims it offers an alternative to the current payment providers by combining the services provided by online payment companies with the benefits and security of a UK-licensed bank. To this end, customers will have access to a virtual debit card - The Ivobank Virtual Card - which can be used to make purchases online anywhere that MasterCard is accepted.
Timothy Sawyer, Managing Director of Ivobank, makes the additional point that not only can the bank offer a service where businesses and customers who make payments online can do so knowing their money is secure, earning interest and easy to manage, it also allows them to move money instantly from their account to friends' and families' accounts with Ivobank, thereby making it attractive for international money transfers.
27 June 2008 © Moneyextra.com
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