After the three month wait period has elapsed, CUV could expand its operations to include the 28 member states of the European Union. This includes the use of not just RevoluPAY, but also their RevoluCHARGE and RevoluFIN proprietary software. This will also include RevoluVIP when it is operational.
RevoluPAY presently operates under an indefinite third-party banking license, and therefore the day-to-day financial operations remain unaffected during the central bank’s approval process. CUV’s management believes that a central bank-issued proprietary license will open up greater freedoms for the company, including direct relationships with financial institutions on a global level.
If granted, CUV Ventures says it feels the license offers credibility. The company says it believes the license could add a certain cachet to their brand while also providing significant economic upsides. For example, it eliminates certain commissions and costs from every transaction.
Overall, CUV says it believes the acquisition of a central bank-issued license thrusts RevoluPAY into the financial sector.
Timeline of Proprietary License Petition
- June 1, 2018 – Wholly owned European Subsidiary RevoluPAY S.L begins operations
- June 6, 2018 – RevoluPAY S.L. obtains indefinite third-party banking license.
- July 31, 2018 – RevoluPAY App launches on Android
- Nov. 5, 2018 – RevoluPAY commences cash-out Bank Disbursements in 73 countries
- Nov. 7 2018 – Director Alfredo Manresa & Hogan Lovells meet with the Central Bank to finalize requirements of application of proprietary License.
- Nov. 8, 2018, to Nov. 21, 2018 – RevoluPAY S.L prepares additional documents and compliance recommendations suggested during Central Bank meeting
- Nov. 11, 2018 – RevoluPAY App launches on Apple iOS
- Nov. 22, 2018 – License Application Submitted
- Dec. 4, 2018 – Hogan Lovells receives preliminary positive feed-back from Central Bank concerning application
- Feb. 11, 2019 – Statutory approval term concludes
For RevoluCHARGE, the company announced mobile phone top-ups have been successfully enacted in multiple countries, and internal marketing of the platform will commence this month.
Due to the circular loop design of CUV Ventures products–each CUV program requires its cousins to operate–these top-ups can only be carried out using RevoluPAY.
Furthermore, CUV’s internal IT division continues to plug away at the RevoluVIP app in time for the VIP Travel Club rollout as indicated in the RevoluVIP presentation timeline.
The current travel industry, as experienced by consumers, is based upon offers of; Flights, Hotels, B&B’s, Tours, Attractions, Cruises, Car Rentals and Vacation Packages, published by wholesale GDS (Global Distribution System) suppliers who exclusively distribute to licensed travel retailers. The best known GDS suppliers are Amadeus,Sabre and Travelport. Much like supermarkets don’t manufacture the Kellogg’s cornflakes they sell, the travel industry, via consumer retail websites, simply displays offers from wholesale GDS suppliers, incorporating their respective price mark up. This means that identical offers are displayed across a myriad of travel websites, the only difference being; the price mark up an individual website has added. It’s time to disrupt this archaic model, returning the power to the consumer and, RevoluVIP will achieve this revolutionary milestone.-Steve Marshall, CEO of CUV Ventures, said.
Shareholders can visit the previously provided beta test sites to observe the development process of RevoluVIP as it progresses in real time.
Like RevoluCHARGE, all interactions within RevoluVIP Travel Club can only be carried out using RevoluPAY.
CUV Ventures has also confirmed Chinese authority approval of the previously submitted trademark petition, submitted December 4.
Full disclosure: CUV Ventures is an Equity Guru marketing client.