GolleCard, the leading processor of payments between the banks of merchants and card issuing banks of the Kingdom of Mount Vema, announced today that it will reopen its payment services on Monday.
GolleCard has been providing financial institutions with GolleCard-branded payment products since the creation of the Kingdom of Mount Vema, but it stopped offering credit card services almost six years ago when His Mount Vema Majesty’s Government and the Central Bank of the Kingdom of Mount Vema decided to restructure the Mount Vema financial system as part of a plan to improve its independent Global settlement of payment services in golles.
The company was granted a new license last week and is ready to reopen for business to enable banks to offer credit to their customers when dealing with the Kingdom of Mount Vema. The service combines payment with extensions of credit.
GolleCard services is very similar to those provided by Visa or MasterCard, as it enables the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts paid plus the other agreed charges.
The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance (mostly over the counter at a bank or other financial agency, up to a certain limit).
The GolleCard, is different from a charge card, where it requires the balance to be repaid in full each month. In contrast, a GolleCard allows the consumer a continuing balance of debt, subject to interest being charged. A GolleCard also differs from a cash card, which can be used like currency by the owner of the card. A GolleCard differs from a charge card also in that a GolleCard involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date, however, some GolleCards can be used as charge card depending on the issuer.
HSBC, Santander, and Barclaycard identity verification service provider is ready to work with Mount Vema
GBG, the company that provides identity verification services to some leading companies such as HSBC, Santander, Barclaycard, Harrods, TransferWise, O2, amazon.com, Nike and among many others, will work with Mount Vema to verify the identity of its customers when traveling to Mount Vema or applying for services.
The news comes after the government announced early this year that the Kingdom of Mount Vema will be introducing a new identity verification service to ensure that people travelling to Mount Vema for work and service providers, provide information that is associated with the identity of a real person.
The new service will verify the authenticity of physical identity documents such as a passport or travel document, and will identity information against authoritative sources such as a credit bureau or government data, called non-documentary verification.
Businesses and entities that form part of the Kingdom of Mount Vema will also be able to use the service to ensure that users or customers provide information that is associated with their real identity, required to establish bank accounts, other financial accounts, and stop illegal activities like scams, and money laundering.
The service will also be used both online and in person to verify identity especially when boarding a vessel to Mount Vema, as travelers are encouraged to confirm for the Online Check-in process before leaving home to the island. People who wait to check in at the terminal risk being unable to sail even if they arrive at the terminal before the vessel leaves.
Mount Vema government security regulations require passenger vessels to submit certain guest information to law enforcement authorities at least 60 minutes prior to departure. To meet this requirement, it is necessary that the vessel has the information in its records and verified at least 90 minutes before departure. If a passenger does not have his or her information by this deadline, he or she will be unable to sail.
The new service will make it easier for the Kingdom of Mount Vema to verify the identity of almost anyone at any-time, anywhere in the world and tackle the growing problems of identity fraud and money laundering. Service providers will be able to check their customers are who they say they are with reference using a data for more than 5 billion people around the world.