• YouTeller Launch Postponed After Legal Problems With Neteller

    19 April 2007

    Newspaper

    NewswireToday
    London, United Kingdom, 04/19/2007
    London-based technology company not interested in NETeller takeover.

    After facing legal problems with NETeller Plc. Seed Capital Ltd. decided to delay the launch of their new payment processor YouTeller.com. “It is in everyone’s interest that YouTeller will not be confused with NETeller,” said Seed Capital spokesman Florian Schweitzer. If Seed Capital will not be able to make the legal situation clear the company will introduce an all-new online payment system next summer.

    Just a matter of time
    Meanwhile the regulatory situation is getting better and better. The World Trade Organization (WTO) said two weeks ago that the US ban on offshore Internet gambling payments is illegal upholding a previous decision that allowed for possible sanctions. “US customers will be able to transfer money to gaming companies again. It’s just a matter of time”, Schweitzer underlined. YouTeller is part of an international lobbying task force that works on this issue with the WTO and the European Union.

    No takeover
    Seed Capital denies rumors about a possible takover of NETeller Plc. “We are not interested in a traditional online payment system. We have developed a service that is tailor-made to the current challenges”, Schweitzer emphasizes.

    One month ago NETeller’s legal counsel demanded YouTeller.com cease to conduct payment processing business under the name YouTeller. “Such use by Seed Capital Ltd. causes confusion, including initial interest confusion leading to persons familiar with the teller-suffixed brand of services to believe Seed Capital Ltd. is somehow affiliated with, related to or endorsed by our client,” the letter states.