How do these online payment systems like epassporte work in the background with the actual banks. Do epassporte's customer accounts only exist virtually on their website and the actual deposits go into epassporte's bank account? Meaning, all of our money was pooled into one big account owned by epassporte at SKANB?
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yeah sure. maybe. cool theory bro. -
Epass had several accounts, but you are right about basic idea of one big account.Comment
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It seems as if on the VISA Card end there were segregated accounts.
Any customer "accounts" are vitalized on the payment agent's e-wallet side ? this is called 'co-mingling' of the customer funds. I won't comment on the legalities involved as they will differ with the local laws where the payment agent does business.
However, these funds on deposit with payment agents are not government insured bank accounts ...Comment
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