Regarding stored value card loads to the Globe Wallet Visa card:
IPS selected the Globe Wallet Visa prepaid card as one of the options on the platform because it is a flexible
and low cost card program, on the largest card network in the world, issued
by a stable, reliable bank with the ability to issue the cards worldwide outside of the US.
We asked IPS to add instant loads to the stored value card option on our
platform about 60 days ago. A nice feature for sure. For the most part, it has run smoothly,
however, the e-wallet accounts are at Post/Deutsche
Bank in Germany and the card program is managed out of GBC bank in Antigua, and because of this, IPS has found
it to be an issue sometimes with wires to the Globe Wallet load accounts. Postbank wires
are routed internationally through Deutsche Bank, Frankfurt to Deutsche Bank & Trust New York,
then to Antigua! A crazy protocol, but this is how Deutsche does it and as a result, wires can take as much as 4-5 days
to get to GBC in Antigua to the loading account. In general, we could not have a better e-wallet bank than
Postbank/Deutsche. But IPS and EMC2 are looking at this one issue and intend to resolve it and quickly.
With all the payout options that our e-wallet supports, IPS did not previously have a lot of demand for
stored value cards, from their MLM clients for example, so this has been a learning experience, because in the
adult space we seem to be somewhat card centric. So the timing of wires, estimates of usage, etc.,
can be a moving target and has sometimes been an issue. Maybe this is why one of our competitors who has their cards issued out of Belize, has standard loads taking 3-5 days, while they charge $5 for 'express loads'
within 2 hours.
Anyway, we and IPS are learning and improving the timing and reliability of the instant load feature, which we offer at no additional charge, of course. GBC, the card issuing bank, and our program manager for the Globe Wallet Visa card are working with IPS to streamline the process of getting funds from the e-wallet accounts at Post to the loading account in Antigua much more quickly, including with the addition of another correspondent bank for wiring. We are all committed to getting this process streamlined, and we are sorry that the instant load feature has been
somewhat inconsistent recently. We are going to make sure to do everything necessary to have this resolved shortly.
Of course, the other thing to mention is that we have a new card program going onto the IPS platform in the next couple of days with cards issued by a financial institution in the UK. Getting funds to the load account there will of course, be
same day or next day, thus insuring reliability on the instant load aspect. But be assured, IPS and EMC2 are also going to make sure and get the process streamlined for instant loading on the Globe Wallet Visa cards. It is an excellent, low cost, quality card program for non-US e-wallet account holders with EMC2Payouts.