- Collaboration further advances ID verification security for online payments
- Partnership will provide customised solutions for the regulated German gambling market
- Skrill invests just under a million Euros in Cybits Holding AG
London / Wiesbaden, 14/01/2013 – Skrill, a leading provider of online payment solutions, is today announcing a partnership with Cybits Holding AG having acquired a share in the company for 985,000 Euros at the end of December 2012.
Through its subsidiary, Cybits AG, the company’s core product is [verify-U], which offers electronic age and ID verification. [verify-U] is the only online age verification solution currently on the German market, offering 85% coverage and successfully identifying 1.8 million people to date.
The combined offering will focus on the German gambling market, where additional regulatory requirements are being introduced. Players will now be offered enhanced high level payment safety and security procedures, which meet the most recent legal requirements. This allows providers to focus on their core business function, without having to worry about meeting the legal requirements.
Furthermore, Cybits and Skrill intend to supply gambling providers with complementary interfaces for online payment and age verification. This perfectly mixes Skrill’s expertise as a leading and widely accepted payment method and [verify-U] as a modern, fast and convenient age verification solution for legally compliant identification and authentication.
Stefan Pattberg, CEO at Cybits Holding AG commented: “With Skrill as a partner, we will be able to serve the market even better than we were able to previously, with the benefit of special knowledge, experience and existing customer relationships. We will provide solutions that are specifically customised to the German gambling market.”
Siegfried Heimgaertner, CEO of Skrill, commented: “Our strategic partnership with Cybits provides a fully rounded service for online retailers, especially those in the German gambling market. This enables traders to easily implement a complete payment and security system quickly and easily.”
Both partners intend to open up new markets that require innovative digital payment services packaged with reliable personal identification. With Skrill’s global focus – over 135,000 merchants across the world currently use the payment provider – the joint offer may be extended internationally in the near future.