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BANKING AND INSURANCE

iQSTEL and Global Money One to develop FIS Global Next-generation core banking platform

iQSTEL and Global Money One to develop FIS Global Next-generation core banking platform
The Siliconreview
06 April, 2021

iQSTEL, a US-based publicly-listed company offering leading-edge telecommunication and technology services, in a recent announcement has stated that it will be supporting Florida-based affiliated FinTech company, Global Money One, Inc. Both the firm will be creating a new mobile banking application that will provide reliable and convenient services to its customers in the US and for the people who lack access to bank accounts or other traditional financial services.

iQSTEL has also announced that it is entering into an agreement with Payment Virtual Mobile Solutions, LLC to build a Visa Prepaid Debit Card Service (PDCS). The new Visa PDCS will be constructed under a new subsidiary corporation named Global Money One, Inc. As per the agreement with PayVMS, iQSTEL will own 75 percent of Global Money One, Inc PayVMS owning the rest 25 percent. The Visa PDCS is expected to generate revenue of $45 million to $128 million.

The Global Money One Inc.'s modern component-based core banking platform will support the launch of the iQSTEL Visa MoneyOne service and will be enabled to launch the FIS Modern Banking Platform. This new platform will deliver advanced digital functionality, flexibility, and openness, along with mission-critical scalability and resiliency. Through this FIS Banking platform will enable Global Money One to bring new banking products to market quickly.