"This process has taken much longer than we initially anticipated," explained Mr. Stephen Prior, CEO of One World Ventures, Inc. "We are at their mercy, but we are excited to know that nothing is holding up the approval other than the process itself. This approval will represent a major milestone in bringing the 1World Card to the under-banked and under-served in the U.S. market, as we are doing in other parts of the world."
One World is currently implementing the three critical phases of the card/remittance process. The most significant is the technology and processing which One World has completed and will start testing in the next few weeks. The sponsor and settlement bank in the U.S. is the second most important. Lastly, the banking and money collection centers in the home countries round out the process.
One World has established relationships in Hong Kong, Indonesia, Mexico, Vietnam and the Philippines. "We have moved forward with the retail side of the business in Hong Kong and the Philippines -- this is very significant. It has given us confidence in the technology component of virtual accounts and remittance," Prior said.
About One World Ventures, Inc.
One World Ventures, Inc. is a holding company with management resourced in Asia and the United States that invests in technologies, communities and systems that facilitate trade, finance, communication and travel across international boundaries, cultures and languages.
Source: Company press release.
