Quote:
Originally Posted by italkcash
Epassporte functionality that some may not know of:
All money that are kept in Epassporte are NOT, Visa. The two has nothing to do with each other. The gimmicks with Virtual Visa etc. has nothing to do with Visa. All money are at all times kept in the very same bank that Epassporte works together with.
All money are kept in the bank, which Epassporte uses as their intermedia for Visa as they do not directly hold any Visa license.
Epassporte holds an Deposit-taking business license on St. Kitts.
Since the bank that works together with Visa has lost their license, which in turn is due to the new regulations, Epassporte cannot issue new cards before they:
A) Find a new bank
B) Get a direct license from Visa, which they wont as Visa only works directly together with Banks
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Exactly! That's what I was told by the specialists at the news bureau I work with. However, St. Kitts may have lost their license but Epass had the option of a Plan B which may have gotten tied up in some technical issue or red tape. The bigger issue here is that St. Kitts got the hammer put down and considering the magnitude of the contracts St. Kitts has with government it may be, just may be, an indicator of something even bigger going down. It doesn't mean Epass hasn't already found another bank. No reasonable bank is going to turn Epass down. Too much money to be made, however those new banks may be asking for negotiable terms Epass has to surrender to.
It sounds like Epass was taken by surprise because they thought they were in compliance with what VISA wanted and some glitch popped up. It's up to Epass, St. Kitts, and VISA to resolve it and if it's not of a major issue but some "i" not dotted or some "T" not crossed then we'll all be in the front seat of seeing how that end of this industry operates, find new options, adapt, and move on. I have been scanning your site here and found options I was unaware of! That's a major plus point as we all need to be aware of what options there are for security and efficient business operations. Thanks for the site!