E-banking and payments outfit Ivobank launches

Navigating through the online banking world is set to become easier with Ivobank, a new online banking service specialising in online payments and money transfer services, launching today.

With more businesses and people choosing to bank online, make payments for goods and services, and transfer money on the internet (e.g. paying bills abroad), it makes sense to use a bank set up specifically for such needs.

Timothy Sawyer, Managing Director of Ivobank, said: "Our new company offers more than just online banking. We offer a service where businesses and customers who make payments online can do so knowing that their money is secure, earning interest and easy to manage. It also allows customers to move money instantly from their account to friends' and families' accounts with Ivobank, making it very attractive for international money transfers."

Ivobank has been launched across the UK, Ireland, Spain and Canada, offering easy-to-use payment services to friends and family. Customers also have access to a virtual debit card - The Ivobank Virtual Card - which can be used to make purchases online anywhere that MasterCard is accepted.

Ivobank represents an alternative to the current payment providers by combining the services offered by online payment companies with the benefits, peace of mind, and security of a UK-licensed bank.

Mr Sawyer added: "Online payments are a major growth area in banking and many businesses and customers have been ill-served to date, resulting in relatively high costs and relatively low levels of service. We have found a real gap in the market here and reaction from businesses and customers alike has been very positive."

Ivobank provides a wide range of banking services to individuals and online businesses, tailor-made for e-commerce.

Online businesses will benefit from:
# Competitive rates of interest on deposits held with Ivobank (up to 4.25% AER)
# All funds transferred by customers to online retailers are indemnified so there are no chargebacks

# Fast, multi currency settlement

# Transactional reporting

# Low transaction fees

# Dedicated support from the business services team

Online custotomers will benefit from:

# Secure and fast online payments

# Competitive rates of interest on deposits held with Ivobank (up to 4.5% AER)

# Quick account opening

# Fast and free online payments to friends and family

# The Ivobank Virtual Card that can be used securely online wherever MasterCard is accepted

# 24/7 customer support via telephone, online Live Chat and secure email

Based in London, Ivobank 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.

Ivobank is authorised and regulated by the FSA and adheres to the Banking Code.

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Business Financial Services

E-banking and payments outfit Ivobank launches