Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) is pleased to announce an update concerning the PSD2 Banking license petition.
The Company Provides PSD2 License Status Update
Further to the news release dated 26th August 2019, the Company successfully submitted the Central Bank requested RevoluPAY real-time data and hardware security analysis and software system compliance certifications from Abast and Amazon Web Services AWS. Abast certified the ongoing use of Microsoft Dynamics Business Central for the RevoluPAY multi-layer security environment, as mandated by the Central Bank requirements for external data security. Amazon Web Services AWS professional hosting is recognized as a global leader in data protection with multinational clients such as: banks, financial institutions and governments. Both approved certifications demonstrated the RevoluPAY full security compliance with external datacenter providers. Upon analysis and the approval of the prior, the central bank further deemed necessary an internal RevoluPAY headquarters data security study. The wholly owned subsidiary RevoluPAY S.L engaged the central bank accredited A2 Secure to carry out the internal data security study at the RevoluPAY headquarters during the month of January 2020. Hogan Lovells submitted to the Central Bank the successfully concluded A2 Secure data security study on 4th February 2020.
Hogan Lovells Provides PSD2 License Status Update
Subsequently, corporate attorneys Hogan Lovells have provided RevoluPAY S.L with a written PSD2 license approval update dated 25th February 2020. In the letter to RevoluPAY S.L CEO, Alfredo Manresa, the lead attorney states: "On 4th February 2020, the completed system security analysis (from A2 Secure) was submitted as the information required by Bank of Spain on the (internal) IT systems of RevoluPAY. Thus, the approvals of the other departments have been gathered and only this review and approval of the RevoluPAY systems is pending".
The lead attorney goes on to state "On 20th February 2020, the Bank of Spain contacted us in order to inform us about the start of the review of the IT systems (A2 Security Study). We expect that this review does not take long, therefore, if no additional information is requested, we expect to receive the approval on this matter in three weeks".
The Company remains confident that a Central Bank issued PSD2 license will be granted.
The Company's flagship technology is RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY's built-in features include: Leisure payments, Travel Payments, Retail and Hospitality payments, Remittance Payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and, + $595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY S.L located in Barcelona. RevoluPAY S.L operates under European E-money - Directive 2009/110/EC through a licensed electronic money institution or EDE Banking Licensed entity. RevoluGROUP Canada Inc. controls 5 wholly owned subsidiaries on 4 continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian company deploying advanced technologies in the; Online Travel, Vacation Resort, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Blockchain Systems, and Fintech app sectors. Click here to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO) visit the Company's website at www.RevoluGROUP.com. The Company has approximately 158,139,272 shares issued and outstanding.
RevoluGROUP Canada Inc.
For further information contact:
RevoluGROUP Canada Inc.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
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This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.