Quote:
Originally Posted by kristin
This is how I envision it (if it's even close, I have no idea). I would *think* that ePass just acts as a middle man (no phun intended).
So for instance ePass has a bank account at St. Kitts and let's say everyone's ePass accounts are "sub-accounts." So you have money in VV and in the wallet and want to move it. So you move wallet your wallet money to VV - now that wallet money pulls and goes into the ePass bank account. Then ePass' bank account then sends the money pulled out from the wallet over to VV. And once on VISA, in their control until you spend it or move it again. So if VISA decides to freeze accounts, ePass can't act as the middle man to move the money.
|
Kristin:
I think you're partially correct. Money from the wallet "called" by a VV holder would move into a quasi-account attached to the VV for availability to withdraw through the Interchange and ATM networks.
VISA, is a "Card Association" which means they license banks to issue their product and they operate the interchange networks through which transactions are cleared. They do not actually hold the money. In this instance, the funds on VVs should still reside at St. Kitts on a different ledger balanced back to the "balances" on all outstanding VVs.
The fact that ePassporte has been able to settle requests for payouts by other means (ACH/Wire) from the wallet, while encouraging, does little to address the issues related to the original problem, which is the freeze of the VV program.
In my opinion, it now comes down to what action was taken by whom. If the program was simply closed by VISA and/or the Bank, then those funds should be migrated back to the wallets, but this may take a bit of time to do because they'll have to review the accounts for outstanding pending auths, etc.
If there was a bigger problem with the way the VV was operated and some regulatory agency forced the shut down then it could take significantly longer to recover the funds and move them back to the wallet.
I look forward to hearing from ePassporte today. I would assume that post holiday they're going to be able to provide some clarification on the actions taken to meet their obligations to their clients.