Claiming to be the first independent bank to launch since the dotcom boom in 2001 and the first to be authorised and regulated by the UK Financial Services Authority (FSA), a new online bank branded Ivobank.com launched in London this week.
The bank ownership by the Sampoerna family out of Indonesia will be familiar to online gamblers who frequent the Mansion group, which is also owned by the family.
Ivobank is offering fast and secure online payment and money transfer services under the oversight of the UK Financial Services Authority (registered in England and Wales No. 5486286), and plans to have one million customers within the next five years. The bank allows customers to move money instantly from online accounts to friends and family overseas, making it attractive and practical for international money transfers.
Managing Director, Timothy Sawyer, said while the bank is open to anyone, it had been specifically designed with online gamblers in mind.
”The online gaming industry has developed rapidly in recent years, but the financial services supporting it have not kept pace,” Sawyer said. ”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."
Ivobank account holders will have access to a virtual debit card – The Ivobank Virtual Card – which can be used to make purchases online wherever MasterCard is accepted.
Headquartered in London and backed by the considerable financial resources of the Sampoerna commercial empire, Ivobank has been set up by a number of industry veterans who have held senior positions within the banking and gaming industries. Sawyer was previously Chief Executive Officer of Cahoot.com, for example.
Customers can apply for an account online at Ivobank's website – it’s free and requires no minimum deposit.
The bank advises that it is offering merchants competitive rates of interest on deposits (up to 4.25 percent AER), with all funds transferred by customers indemnified and settled immediately in a round-the-clock operation. Multi currency settlement with localised payment options is also available, together with low transaction fees.
Ivobank users are promised secure and fast online payments, competitive rates of interest on deposits up to 4.5 percent AER, the Ivobank Virtual Card that can be used securely online wherever MasterCard is accepted and 24/7 customer support via telephone, online Live Chat and secure email.