iQSTEL to develop a mobile banking platform for the unbanked in USA

By Leandra Monteiro

iQSTEL announced that it is working to support its Florida based affiliated FinTech company, Global Money One to create a mobile banking application. This new app aims to provide reliable services to the underbanked Hispanic community and other populations in the U.S. that lack access to bank accounts or other traditional financial services. According to the FDIC, more than 25% of U.S. households are unbanked.

iQSTEL also recently entered into an agreement with Payment Virtual Mobile Solutions, LLC (PayVMS) to build a Visa Prepaid Debit Card Service (PDCS). The new Visa PDCS is being constructed under a new subsidiary corporation named Global Money One. Under the agreement with PayVMS, iQSTEL will own 75% of Global Money One with PayVMS owning the other 25%.

VISA MoneyOne’s Prepaid Card and mobile solution will offer FDIC-insured prepaid accounts, domestic and international bill payments, peer to peer transfers, check deposits and remittances from the USA and another target 70 countries.

Global Money One researched modern, component based core banking platforms to support the launch of its VISA MoneyOne service and decided on FIS Global’s recent announced FIS Modern Banking Platform. The FIS Modern Banking Platform delivers advanced digital functionality, flexibility, and openness along with scalability and resiliency. Through its modular, cloud-native architecture and integration with open application programming interfaces, the FIS Banking Platform will enable Global Money One to bring new banking products to market quickly and comply with changing bank regulations.

The FIS solution will be delivered via a Prepaid Program Management and Processing Solution model that will allow Global Money One to speed deployment while minimizing capital investments. VISA MoneyOne customers will be able to get the plastic or virtual card to make store and online purchases, bill payments, ATM withdrawals, International remittances, and Airtime recharge for mobile phones. The Prepaid Card is a General Purpose Reloadable (GPR) and can be loaded with cash at convenience stores, mobile check cashing outlets and by ACH transfer including Direct Deposit.