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Ivobank: Dedicated to Online Gaming

By: R. Kingsley, Wednesday July 30th 2008
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Ivobank is a recently launched online bank specializing in services like fast and secure online payment and money transfer for online gaming business. The bank is headquartered in London and is authorized and regulated by the Financial Services Authority. Ivobank is promoted by the Sampoerna family. It has been set up by experts who have held senior and responsible positions in the banking and online gaming industries. Tomothy Sawyer, the Managing Director of the bank, was previously Chief Executive Officer of Cahoot. He has been instrumental in the launch of the bank.

Timothy Sawyer has said that the bank's services have been designed with online gamers in mind, though others are not restricted from using the services. The idea of starting such a bank arose because the financial services needed for online gaming have not kept pace with the exponential growth of the online gaming industry. Today many online businesses and customers are complaining of the high costs and low satisfaction levels of financial services. According to Sawyer, Ivobank will cater to this gap between demand and supply by providing first class financial services. Ivobank aims to cater to two types of customers. One type is those customers who desire to make online payments for the purchase of goods and services. The other type is those customers who want to transfer funds to family and friends. Ivobank is targeting to have a customer base of one million within the next five years.

Ivobank offers four financial products. One is the e-wallet. Online players can open an e-wallet account with Ivobank. This account can be funded from an external bank account or from usual credit and debit cards. Then this account can be used to make online payments to online casinos without having to divulge credit card numbers to every online casino and merchant. Customers can open a saving account with Ivobank. Surplus funds in the e-wallet can be transferred to the saving account and earn interest. Customers can also opt for Ivobank virtual Card for making online payments wherever MasterCard is accepted. The Ivobank Virtual Card can be funded just like the e-wallet. The Ivobank Virtual Card launches automatically when it detects the customer on an accepted site. The customer then fills in his account details to execute the payment. Ivobank Money Transfer conveniently allows the transfer of funds to other Ivobank e-wallets if the transferee's Ivobank e-wallet number is known.

Opening an online Ivobank account is easy, free and does not require a minimum deposit. Ivobank offers the following advantages to its customers: competitive rates of interest on funds deposited with the bank, indemnity of all funds transferred by customers; round the clock service, option of payment in local currency; low fees and excellent customer support.

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