Sofort Blockchain.info deposit processing UK & elsewhere

[jago25_98]

 How does this thing work?

AFAIK in the UK it looks they make a Direct Debit deposit (or debit?) on the account which you have to wait for in order to verify that it's your account.
Perhaps that takes a few days to come through.

sofort demo page:
https://www.sofort.com/payment/payment/go/transaction_summary

Blockchain explanation page:
https://blockchain.info/wallet/deposit-bank-transfer

[piuk]

Sofort logs into online banking on your behalf and makes the transaction. The payment is made using BACS faster payments and is usually instant.

Normally banks recommend that you never give you login details to a third party however it is a pretty well renowned payment gateway. Skype accepts it for example http://www.skype.com/intl/en/prices/ways-to-pay/sofortbanking/?country=GB. https://bitcoin-24.com also uses sofort for euros.

[jago25_98]

Ah, thanks. No wonder I couldn't see that's what was happening - I never would have believed it! More mad security from the bigger financial world.

Could be a new good way for many people to transact BTC but it's a real shame the login details goes trough sofort and I think I'd like to know a bit more about it. I think if I was to use it I would use an account with a limited budget just in case.

I'm sure there is probably a clause in my banking terms and conditions whereby if I needed to claim lost funds they would ask "Have you shared your login details with anyone?" In fact, I remember seeing this once when I had my card cloned. Most people might say no to that not relising that sofort counts and I doubt the bank would notice sofort and use that to not pay out... but is it worth the risk?

[scribe]

Used it for the first time yesterday - for some reason the fee was less than the PingIt fee so decided to give it a go. It's a bit weird entering your PinSentry details on a site that's not your bank, but seemed to work OK. The cash showed up as spent in my bank account immediately, and the BTC took a few hours to turn up - not sure if that's down to Sofort, standard blockchain wait (PingIt is usually quicker), or blockchain running out of coins.

[jonnybgood]

Is this going to be working again soon?

Doesn't give you any UK deposit options at all on the blockchain site now, sure it'll get sorted out asap though.