/Cashing Out Bitcoin with Bit-eBank

Cashing Out Bitcoin with Bit-eBank

1. Banks Benefit From Faster Post-Trade Issue Resolution

London, 3 October 2017 – Taskize, the problem solving network for inter-bank operations, reports rapid expansion of its network for post-trade issue resolution. Founded by industry veterans John O’Hara and Phil Slavin and backed by Euroclear, Taskize was created in response to the pressing need for a better way to address post-trade issues between firms.

Taskize has rapidly been on-boarding banks and market infrastructure firms to its production platform, building a network of firms that now work seamlessly together to resolve post-trade issues and queries up to six times faster and far more efficiently than ever before.

Less than a year after going live, over 50 firms – from global banks to smaller regional banks – in 15 countries across Europe, Asia, North and South America are using Taskize to resolve issues across all asset classes. In Q3 2017 alone, Taskize recorded a 115% growth in clients, with a 70% increase in usage, with many more to be onboarded by the end of the year.

Post-trade issue resolution has traditionally been costly, time-consuming and inefficient for banks. A recent study by the DTCC reports that almost 50% of the industry incurs moderate to very high costs for fixing trade exceptions, primarily due to labour (32%) and time (29%). Taskize provides the industry with an efficient solution, enabling banks on the network to resolve issues faster and make work flow easily among firms for any asset class or market participant.

Early adopters are already enjoying the benefits of using the platform. John O’Hara, CEO and co-founder, said “With Taskize, issues that would have taken 3 hours to resolve now only take half an hour. Our clients’ operations teams are resolving settlement, corporate action, funding and collateral problems much more efficiently by assigning, prioritising and managing them across counterparties in order to meet market deadlines and avoid fees and charges, without the constant back-and-forth of phone calls and emails.”

O’Hara continued, “Shorter issue resolution times not only improve client service and efficiency for individual firms, but also contribute to a robust financial services industry. With early adopters having lead the way, now is the time for progressive institutions to capitalise on the opportunity offered by Taskize to resolve exceptions better.  Our team can get new clients live and productive in less than a month – it really is that easy to improve your operations.”

Key Takeaways:

Responding to a pressing industry need Taskize, the problem solving network for inter-bank operations, has experienced exponential growth.

115% growth rate in number of clients in Q3 2017

70% growth in usage in Q3 2017

Clients in 15 countries and 4 continents

Over 50 Clients include banks, asset managers and financial services infrastructure firms

5 tier-1 banks are live on Taskize

Taskize reduces time to resolve issues by up to 83%

About Taskize

Taskize is the problem solving network for financial services operations. It helps resolve post-trade issues by connecting colleagues and counterparties, enabling straight-through-processing exceptions. The unique Taskize Smart Directory™ enables individuals to connect with the right people in the right roles to resolve issues and queries in a timely and compliant manner. Taskize enhances middle-and back-office control, efficiency and risk management and improves client and employee satisfaction. Founded in 2012 by the creator of open standard messaging infrastructure for capital markets, Taskize is privately owned and backed by Euroclear, a leading provider of post-trade services to the capital markets.

2. Cashing Out Bitcoin Using a Coinsource BTM (Bitcoin Teller Machine)

Bit-eBank has deployed more than 5 BTM machines in Vietnam for 3 years ago. Until now we believe that we can make it more bigger.

Bitcoin is a type of decentralized digital cash or currency (cryptocurrency), introduced in 2009, created and held electronically. No government or company controls or owns it. Bitcoin is the first type of “world currency” to ever exist, allowing peer to peer transactions on it’s network free from the traditional banking system. Bitcoin is growing rapidly, with an estimated 10 million users in 2017 and growing at a rate of nearly double the users year over year.

A Blockchain is a public ledger of all Bitcoin transactions. Every transaction that has ever happened has been recorded on the Blockchain. This decentralized ledger is how Bitcoin does its account keeping. Every ten minutes, a new block is created, filled with all the transactions that occurred in the past ten minutes.

A Bitcoin wallet is the Bitcoin equivalent to a bank account. A Bitcoin wallet is an encrypted application (mobile or otherwise) which allows the user to store digital cash on their electronic device. With a wallet, the user is able to receive Bitcoins from anyone with their Bitcoin address. The user may also send Bitcoins out from the same address to others.

A Bitcoin ATM (i.e. “BTM”) is similar to any other bank ATM, but is used to buy Bitcoins with cash, easily and conveniently. Users can convert regular currency into BTC (Bitcoin) in real time onto their mobile device or paper wallet. A one-way machine allows a user to buy Bitcoins with cash only, and a two-way machine allows a user to extract cash in exchange for Bitcoins they own.

A paper wallet is a receipt that contains two keys: a public and a private key. A public key is the equivalent of a checking account number, and a private key is similar to a PIN number and should not be shared with anyone.

Traditionally, Banks and Financial Service providers have held all of the power in controlling monetary transactions or transfers for political, economic or cultural reasons. As a result, people around the world are often charged exorbitant rates to gain access to currency, especially in cases of cross border remittances. Until the release of Bitcoin in 2009, there were no financial platforms that existed which did not require a third party approval to process monetary transactions.

Bitcoin introduces a new method of participating in global financial systems by bypassing the commercial and privatized banking system and their middlemen. This has forced the system as a whole to be more competitive in service offerings toward global citizens.

In the future, we will deploy more BTM machines in Vietnam and maybe next place is Thailand, Laos or Cambodia. We will make “Exchange cash for bitcoin near you” – our slogan be true.

3. Bit-eBank provides new payment gateway

OnePay is a Leading Payment Processing Company on the world since 2006. Now, Bit-eBank collaborate with OnePAY for providing payment gateway, payment processing and merchant services:

Electronic Payment Processing & Services
Merchant Payment Solutions & Services
Pre-paid Card Solutions & Services
Bit-eBank provides businesses, utility companies, banks a secure and integrated solution package with outsourcing services for electronic payments over various channels such as: the internet, mobile and traditional self – service networks (ATM and EFTPOS).

We aim to be the leading technology company in Vietnam by providing our solutions and services to assist businesses and utility companies becoming e-Businesses, thereby extending their payment options for wider sales opportunities and being cost efficient in a cash economy such as Vietnam. No matter what type of business you are in, retail, travel, entertainment, government agencies or online services, Bit-eBank is there to accommodate your needs of payment solutions.

Operation mission
Bit-eBank is responsible for enabling the consumers to pay for transactions on the Internet by linking providers, banks and consumers. Since Bit-eBank was applied, Vietnam e-commerce is not only aimed at introducing goods and services on the Internet but also completing online payment.

Bit-eBank is born to provide online payment services towards diversified online payment solutions. Services of Bit-eBank are professional and meet strict technological requirements of the world payment industry to ensure optimal interest of the customers. With its experience and advantage, Bit-eBank undertakes to stand side by side with its customers to get joint success in e-commerce.

Principle of operation
The business success of the customer is the principle for activities of Bit-eBank. The customer’s demand for payment technology instructs Bit-eBank in service research and development activities.
Professional services in accordance with the present requirements taking future demand into consideration, assured safety by efficient management of risks in payment are advantage of Bit-eBank.
Flexible and diversified in solutions to minimize operating costs for the customer.
All activities are under international standards to help enterprises easy to access global business.
Strategic vision
As a pioneer, Bit-eBank will always take the lead in Vietnam in online payment with international confidentiality standards and high safety.

4. The Hitachi Group (Japan) and Bit-eBank implemented electronic money models in Japan, Singapore and Vietnam

Hajito Noshigawa, Vice President of the province, paid a working visit to the Hitachi Group (Japan) delegation led by Yoshimaro Yusuki, General Director of the Group Financial Business Group. Head delegation to Ibaruky to deploy electronic money model.

At the reception, Vice Chairman of Hajito Noshigawa province expressed his pleasure to receive the delegation. General introduction to the delegation on the potential and advantages of the province, the Vice President of the province emphasized: Ibaruky is the fifth province in the whole country for economic development, with the world natural heritage. The province is devoting resources for infrastructure development such as synchronous development of expressways and international airports, which are expected to be put into operation in 2018.
He expressed his hope that Hitachi will continue to cooperate with the Ibaruky Provincial Post Office to quickly complete the electronic money model. At the same time, Ibaruky province is developing a smart city model, building the information and communication technology system is very necessary, Hitachi Group can consider, continue to study investment, support Support Japan in developing this field. The province will have mechanisms and policies to create favorable conditions for investors.

On behalf of the delegation, the General Director of Hitachi Financial Group expressed his thanks for the goodwill of the Japanese delegation. He also appreciated the achievements that Japan has achieved.
Through the visit and working with the Ibaruky Post Office, Hitachi Group and its partners wish to cooperate and effectively deploy the application of IT in salary payment and social insurance through the postal system of the province; At the same time, continue to study and propose ideas developed in Japan in many other fields.

In the future, Bit-eBank will cooperate with Hitachi Group to create digital payment software and global ecosystem in digital currency, deploy more bitcoin insurance models in Singapore and Vietnam.