Vall Banc

Vall Banc has purchased the license to work with Visa, allowing it to issue cards. Correspondents are still to be unlock to be able to operate.

Vall Banc acquired the license Visa this week, the bank is a step closer to the possibility of operating the bridge. The authorization has been bought for 50,000 euros and it has added a deposit of approximately 100,000, which will be deducted from future operations. This has been supported by the Bank Restructuring Agency (AREB). The Andorran authority has paid the amount, because BPA Vall Banc remains locked and can not yet operate.

A couple of months ago Vall Banc had the Society for Worldwide Interbank Financial Telecommunication (SWIFT), ie, access to the platform that enables the interconnection between banks. The next step, therefore, was to have licensing with Visa, which will allow bank cards to be issued.

The AREB has advanced the funds necessary that theoretically should recover once BPA has been resolved.

There still remains, however, the last and most difficult phases that for Vall Bank to operate: reset correspondent banks that had blocked BPA following Fincen's note.

The license to work with Visa comes during the same week in which the AREB has announced that eight candidates have passed the first stage for the auction of the bank bridge. Now open a period in which candidates must analyze the documents considering the offer that can make binding, ie, may decide to withdraw from the process and not eligible for auction once analyzed all Valley Banc numbers. Receive the information with strict confidentiality agreement. The intention of the proposals is that AREB should be on the table in December. Therefore, the next month it would decide the winner.