| MobiusMike |
09-07-2010 12:54 PM |
Quote:
Originally Posted by gonzales
(Post 17476570)
I am surprised nobody else posted this
Update, Sept. 7, 1:07 p.m. ET: Visa just issued the following statement:
?At the request of St. Kitts-Nevis-Anguilla National Bank (SKNA), on September 2, 2010, Visa blocked network access for prepaid cards issued by SKNA and operated by ePassporte.com to address certain program deficiencies. ePassporte.com is a third-party agent that works with SKNA.
?It is important to note that impacted SKNA prepaid cardholders are still able to access their funds through SKNA or SKNA?s agent, ePassporte.com. For more information cardholders should contact SKNA or ePassporte.com.
?Visa is committed to maintaining the integrity of its global payment network and routinely conducts due diligence to ensure Visa prepaid programs adhere to the company?s stringent program requirements and controls.?
Source is the Krebs security blog, but I cannot post urls because I have less than 30 posts, check his blog yourself!!
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This is an interesting press release!
The first paragraph states that SKNA (Bank) requested that Visa block network access for ePassporte cards to address "program deficiencies".
Yet, in the last paragraph, you have a statement about Visa conducting due diligence to ensure that programs adhere to "stringent program requirements and controls."
I read this to mean that Visa conducted an audit, found deficiencies and gave SKNA the option of shutting the program down or facing some form of censure (fines, loss of charter, etc.). Therefore SKNA "requested" that Visa block network access.
In the central paragraph, again attempting to translate Visa's corporate-ese, it appears that they are divesting themselves of responsibility further by saying "We don't have the money, it's all in the control of SKNA and/or ePassporte."
This really doesn't answer the central question of how and when the funds that were moved to VVs will be released back to the wallets. It depends greatly on what the 'program deficiencies' were and what (if any) regulatory issues the Bank and/or ePassporte are facing.
If ePassporte was storing the wallet funds in accounts at SKNA and is currently releasing them, it seems likely that SKNA will not hold the funds on the VVs for very long either.
If, on the other hand, the walleted funds were being stored at a separate financial institution and a "daily sweep" to SKNA for requested VV funds was being pushed by ePassporte to SKNA the wallet funds may be available but funds already pushed to SKNA for VVs may continue to be effected by the program closure.
I'm curious if anyone has noted what bank was used to initiate wallet payment either via wire or ach? |
