Quote:
Originally Posted by CaptainHowdy
The elephant in the room . . .
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Global Bank of Commerce is our current Unionpay Card issuer, but unfortunately they lost the ability to receive incoming USD payments as they lost their USD Correspondent Bank. As a result we cannot send funds to them (to fund the cards or pay for activation) and so that has created a delay with being able to activate and print cards for clients.
We are hoping for resolution but I don't have an update on that at this time.
In the meantime Paxum Bank has already been approved for its own UPI license (unionpay) as a principal issuer. We are now in the next step of the process which is integrating into Card Platforms and Card Printers. This isn't a quick process as certification is not done overnight, but we anticipate this will be finished within 4-6 months and then we will be issuing cards directly ourselves.