Mr. Steve Marshall reports
REVOLUPAY RECEIVES WRITTEN CENTRAL BANK APPROVAL ON JAN 4TH, 2019 TO BEGIN OPERATIONS UNDER INTERIM EXEMPTION, ARTICLE 14, UNDER THE AUSPICES OF LAW DECREE 19/2018, 23 OF NOVEMBER 2018.
CUV Ventures Corp.'s wholly owned subsidiary, RevoluPay SL, has received official correspondence, from the executive commission of the Central Bank, dated Dec. 21, 2018, but, delivered to RevoluPay headquarters on Jan. 4, 2019, granting temporary exemption to RevoluPay, pending final licence approval, to begin full financial operations up to a maximum monthly sum of three million euros (approximately $4,583,000), under the auspices of article 14 of law decree 19/2018, Nov. 23, 2018. The company believes that this subsequent event and, interim consent, bodes well for the previously submitted proprietary banking licence application, currently under review by the Central Bank since Nov. 22, 2018, and, subject to a statutory 90-day approval. The cited consent came shortly after the successful compliance by RevoluPay of Central Bank two-factor authentication, as explained to shareholders on Dec. 20, 2018. As per the company's news release dated Oct. 1, 2018, the e-wallet linked, RevoluPay prepaid Visa card has received final homologation from Visa Inc., on Jan. 4, 2019.
RevoluPay banking licence -- electronic money institution
As shareholders are aware, the RevoluPay iOS and Android app currently operate under an indefinite third party banking licence. This licence is currently utilized for all user accounts, payment receipts, processing and, other banking activities, for which the proprietary RevoluPay app is capable. However, the company has pursued its own electronic money institution banking licence since June, 2018. First retaining prestigious law firm Hogan Lovells and, then subsequent encounters with central bank officials. Culminating in RevoluPay submitting the formal petition for a proprietary PSD2 electronic money institution banking licence on Nov. 22, 2018. It is coincidental that the PSD2 legislation was ultimately introduced into law one day after, on Nov. 23, meaning that RevoluPay, if approved, will obtain the latest and, most advantageous variant of the licence. Today's advent, obtaining the, now conceded, interim exemption from the Central Bank, paves the way for RevoluPay to become a fully licensed electronic money banking institution, a prestigious and economically favourable outcome for shareholders, which will allow RevoluPay to act autonomously in the following capacities:
Operating a payment account and enabling cash to be placed on and, withdrawn, from a payment account;
Executing payment transactions;
Issuing payment instruments or acquiring payment transactions;
Payment initiation services;
Account information services;
Proprietary SEPA and Swift codes.
RevoluPay e-wallet linked prepaid Visa card
The RevoluPay physical international Visa card permits withdrawals from any ATM that accepts Visa worldwide, allied to POS payment at any location that accepts Visa. This functionality will give RevoluPay app users an added layer of financial autonomy, in those locations where NFC enabled POS devices and ATMs, for which RevoluPAY is already enabled, are not yet operational. The card manufacturer has informed the company that the first batch of cards should be available within four to five weeks.
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