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NewswireToday - /newswire/ - London, United Kingdom, 01/30/2007

Shortly after Neteller announced its decision to pull out of the US gaming market on January 18, the London-based technology company Seed Capital Ltd. introduced a new payment processing service 'YouTeller.com'.

"We will start in March with a revolution in simplicity of worldwide online payments. Everybody who can download songs or play online games will now be able to pay for that instantly," said Johannes Knierzinger, CEO and co-founder.

On Monday the British Financial Services Authority (FSA) granted YouTeller the "Small E-Money Issuer Certificate", therefore making it possible to operate as an e-wallet. "The FSA has already given us the green light. We will begin services after the server-security testing period is completed," said Florian Schweitzer, company spokesman and co-founder. It took three month to develop the new online payment framework.

"We have no overseas branch in a NAFTA-country like Neteller or Citadel, so we are not affected by US legislation," underlined Schweitzer. YouTeller is part of an international lobbying task force that works on the issue 'worldwide online payments' with the World Trade Organisation (WTO) and the European Union.

The WTO has again ruled against the United States in favor of Antigua and Barbuda, this time for not taking "the necessary steps to comply" with the April 2005 WTO ruling to correct discrimination against foreign internet gambling operators, Reuters reported late last week.

Earlier this month, federal officials arrested the founders of Neteller, an Isle of Man-based online payment processor, while they were in the US to switch planes. John Lefebvre and Stephen Lawrence are set to fight the charges laid against them when they appear in court in February.