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PMJ

New member
Has anybody had any experience of Silverbird?


It's a UK based e-money service, backing on to PayrNet/Railbank.
They appear to offer multi-currency accounts with SWIFT and SEPA access.
Several currencies covered, including EUR and GBP. But no USD in 'supported currencies' but, the site suggests that funds are convertible to USD.
There a little confusion on there between the marketing text and what is supported.

I spoken to a few people that have had e-mails from them as part of a campaign to get people to sign up to their introducer program.
I'm not linked to them, I've had a few emails from them recently and am thinking about looking deeper into it.
But I can't seem to find any online or forum discussion on anybody that has actual experience of using their accounts / services.

Looks like it only started activity at the start of 2020.

thanks

Paul
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
It's a UK based e-money service, backing on to PayrNet/Railbank.

It's setup, directed and controlled by Railsbank also:


Do they offer accounts to people in EU after brexit or is website out of date? They would need to be licensed in EU somewhere to do so.


P.S Never heard of them but looks legit but no use to me as the accept limited number of countries sadly :confused:.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
What are they offering that is so special as an EMI that it is worth them joining the other 200+ UK based EMI's?

Daft business model if you ask me.
 

PMJ

New member
Hi all,

Thanks for the feedback.

It doesn't appear to be a unique business model or different service compared to a crowded market of EMIs. But it is interesting to look at some of these new challengers as part of a larger portfolio of payment options.

Fee wise, they aren't the most cost effective for regular transactions with a minimum fee of EUR 29 or 0.09% fee on incoming; and EUR 49 minimum or 0.09% on outgoing. That's compared to some of the larger EMI offerings that I have experience of. But, they aren't as bad as some of the newer EMIs that I have seen at 0.25% / 0.35%.

I've come across Railsbank before featuring in partnership announcements and EMI news. I had seen, like most European based EMIs, that they have licence from LT; and I think some of the Railsbank development is based in Lithuania now. But, they are simply providing the 'back end' to Silvernet. They probably dictate the service level that can be provided - in particular the serviced jurisdictions.

The country list is a limiting factor and that is a concern. But, it's not clear if a "supported country" is a country that they will allow payments to or from or if that is the jurisdictions that they will support users from. I don't think the limiting factor is simply down to SEPA access. The site quotes "SWIFT and SEPA support for easy payments all over the world". If backed into Lithuanian licencing and utilising the Bank of Lithuania as a payment processor, then it should also have access to TARGET which gives access to countries beyond EURzone.

I've contacted them for more information, so will update on the response I get.
 
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