European digital currency exchange platform, Cashila, has announced the integration of SOFORT banking, a payment system allowing customers to instantaneously add funds to their accounts. The feature will enable users to acquire bitcoin and transfer funds within the SEPA area.
SOFORT banking is one of the Europe’s largest online banking payment systems available in 13 countries across Europe. It is currently used by more than 30 000 e-commerce websites.The system charges a fee of 1% per transaction.
“The SOFORT payments system is instantaneous, meaning there is no need to wait for an international bank transfer to be cleared into your Cashila account. This sort of banking is as fast and simple as using bitcoin. A perfect match for Cashila,” the company wrote in a blog post.
“The service brings a new dimension to your Cashila account making it possible to buy bitcoins right there and then.”
The process of making a deposit takes just a few steps. At first, you need to receive money via SOFORT system by clicking a “Receive” button. Then you have to pick “Deposit with Sofort” link on your dashboard and insert the necessary amount of funds. After this, you will be redirected to Sofort Banking where you have to provide your account data. After confirming the transaction your money will be instantly transferred to your balance.
In order to use the service you have to register by providing an email address and creating a password. To verify your identity you have to submit an ID scan, however, if you’re not going to purchase over 1,000 EUR in bitcoin a year, no additional data will be required. The whole process of registration will take no more than 12 hours.
The new service will significantly simplify the process of bitcoin trading by increasing the speed of payments. With the new feature, the settlement of transactions will take just a few minutes. Besides, Cashila expects the move will help to drive the widespread adoption of virtual currency.
“Making transactions effortless is an essential step for the growth of the bitcoin economy. With this integration one can now buy bitcoins in real time. It gives our users the ability to easily and instantly top up their account. Once they do it, they can buy bitcoin right then and there,” Tim Mitja Zagar, CEO of Cashila, said.
Since the company’s foundation in 2014, Cashila has processed over 1.4 million euro in transactions. The platform allows users to transfer and receive funds, as well as convert them to bitcoin.
Cashila has recently announced the integration with Mycelium wallet allowing consumers to make SEPA payments from their mobile phones.