Technical information and developments 2021-2023

This page is in the aim of informing our members on development projects, new features and possible technical incidents.
Do not hesitate to come back to it as it will be updated regularly.

[Latest information]

[Migration status] Registration as Treezor’s agent in progress with the ACPR (French Banking Authority).

◉ The first migration phase starts on June 21st, 2021 for all Personal accounts.

◉ Dedicated programmes to Youth and Business accounts will later be implemented. These clients will be informed of their account migration in due time. Payment cards associated to these accounts will therefore be inactive as of October 1st, 2021 until the new card is received.

◉ As of June 14, 2021, inactive account fees ("oxidation") are permanently removed for Youth accounts up to the age of 18.

What is the purpose of a technical migration planned for 2021?

The VeraCash® team has committed to develop specific features according to milestones defined during the €2 million funding campaign, completed in March 2021. Most of the developments mentioned on this page are based on a new strategic partnership.

This migration will replace Prepaid Financial Services, the English payment institution (Irish since Brexit under the trade name PCSIL, PFS Card Services Ireland Limited) for which VeraCash® has been an official agent since 2014.

VeraCash® has concluded a partnership with the French company Treezor, which has resulted in a technical migration, started several months ago, to "connect" the VeraCash® information system to Treezor's via secure APIs*.

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*An application programming interface (API) is a connection between computers or between computer programs. It is a type of software interface, offering a service to other pieces of software.

Who is Treezor?

Treezor is a french company approved by the ACPR as an electronic money and payment services institution, Mastercard principal member, CMA sub-affiliate for the EBA Clearing connection (SEPA) and offers "banking as a service" performances to financial companies such as VeraCash®. This payment institution is regulated in France and is able to operate in Europe.

In concrete terms, this partner allows VeraCash® to add payment services to its core business - the purchase, sale and storage of precious metals on behalf of its clients - including the Mastercard debit card.

Who is affected by this migration?

Personal accounts (Q3 2021)

Business accounts (Q4 2021)

Youth accounts (Q4 2021)

See the development roadmap below >

Actions required from our members

These actions are required from all our existing members, even those who registered a long time ago. Information update will allow the continuity of payment services associated with the VeraCash® account and also receiving the new debit card.

STATUS: Registration as an agent with the ACPR (French Banking Authority) is in progress.
The first migration phase starts on June 21st, 2021 for Individual accounts. Business and Youth account holders will be notified later.

1.

Accept the new Treezor Card T&Cs

The T&Cs related to the card depend on a payment institution and are independent from the T&Cs service strictly related to VeraCash®. They establish a relationship between you and Treezor, our new partner.
[IMPORTANT] These new T&Cs do not change current prices!
Effective date: October 1st, 2021

2.

Verify your identity

You will be asked to complete the necessary steps. As with most of the payment services you are used to dealing with, we will ask you to take a video of your ID card or passport and to take a selfie. It is required by our partner for their KYC data.
This can be done from the website or from the VeraCash® app.

3.

Accept the new VeraCash® "Service" T&Cs

VeraCash® T&Cs will be modified to definitively confirm the switch to a new payment partner. An email will be sent to you during August 2021 to inform you about the new terms and conditions.
[IMPORTANT] These new T&Cs do not change current prices!
Effective date: October 1st, 2021

4.

Delivery of new debit cards

Individual customers who have completed the first two steps will receive a new debit card free of charge, in the same order as the validation of the update by our services.
[IMPORTANT] The VeraCash® team will do its utmost to avoid any interruption of withdrawals and debits.

Development roadmap

This schedule is for information purposes and may be modified as development progress is made.

Décember 2020

Following the fundraising announcement at the end of November, VeraCash® validates a preliminary agreement partnership with Treezor, in order to replace PSCIL, our former partner

January 2021

Start of the development project for the APIs and interfaces needed for managing operations. The project should last 6 months in order to maintain the same services. New services will only be offered after the migration.

March 2021

Writing of the new T&Cs and planning the new services that will be offered as a result of the migration.

April 2021

◉ Signature of the official partnership agreement with Treezor.

◉ Submission of the application to the ACPR, the French banking authority. The instruction period can take up to 3 months.

May 2021

◉ RGPD compliance and implementation of a new cookie consent management on VeraCash.fr and VeraCash.com.

◉ Internal test of the new system and the new debit cards that will replace the current prepaid cards.

Quarter 3 2021

Migration to a new partner for the collection of account credits by CB.

Quarter 4 2021

◉ Final migration from PSCIL to the new payment institution.

◉ Registration of VeraCash® transactions in the GouverNA blockchain (project led by the French region Nouvelle-Aquitaine and VeraCash®).

◉ Migration of Youth accounts to a dedicated programme.
Important: VeraCash® cards will be inactive from September until the new one is received.

◉ Migration of Business accounts to a dedicated programme.
Important: VeraCash® cards will be inactive from September until the new one is received.

Quarter 1 2022

New product added: Euro'N Gold.

Quarter 2 2022

Integration of the personal IBAN.

Quarter 3 2022

Integration of an account in Euro currency.

2023

Integration of multi-currency accounts.