I have had a number of people ask me why Solid Trust Pay is having delays on completing Bank Transfers and transfers to the International STP Mastercard debit card.
I have just go toff the phone with them and they have explained that they use West Pac and Technocash.
Technocash is the processor that Liberty Reserve was using and because of the Liberty Reserve investigations Technocash is under excessive scrutiny in all their transactions.
Because of this many transfers have been held up with no clear date of when these transfers will be completed.
CONSCIENTIOUS SOLUTION
As STP are conscientious with regard to the services they provide their customers and clients they have now switched to using a new bank for wires and a new processor.
The problem with this is they are now a new account holder and have to go through the standard regularised checks plus transferring funds from their old bank account to this current one to process withdraws and transfers to clients accounts.
LOYAL BANK
Loyal Bank the provider of the Mastercard has also had to do a similar change of processor for very much the same reasons.
So the combination of these factors has made bank transfers and transfers to your card greatly delayed.
The only process presently that has little delay are bank Wires from SolidTrustPay to your bank.
If you are a trust card holder this takes 1-2 business days to action and then it takes 3 business days for the funds to show in your bank account.
The Liberty Reserve fiasco has hit most people in the industry in one way or another – but overall it is making things more secure and regulated for the benefit of all.
WIRE TRANSFERS AN OPTION
If you are wating for funds – you may wish to cancel your withdraws and put in a request for a Bank Wire instead. Or alternatively simply wait for Solid Trust Pay to complete their transition to their new bank to be complete with all their funds.
This is simply a bump in the road. Once this migration is complete things will be back to normal.
UPDATE
NOTE: A REPLY BY STP regards the above information
Hello. SolidTrust Pay PR team here. Actually, the above information is not quite correct.
1. The delay to the INTL MasterCard is due to a very large wire having arrived, but with some missing information. An amendment to the wire was required, and it has slowed everything up. The delay should be all cleared up by June 27/28.
2. STPay does not have a new bank account that we are waiting for anything on, but the bank that we are using to replace the TechnoCash option is much slower. Banks wires are not delayed or behind; they are just taking longer. Whomever has acquired the information above, when contacting us, probably heard ‘new bank’ and concluded ‘newly opened bank’. The correct conclusion is ‘new bank not used for wires before‘.
We hope this helps straighten out the information and your questions are always welcome. LIVECHAT is online everyday (except Mondays, as tickets from the weekend must be cleared first) so pop in and have a chat with us if you have any concerns.
Hello. SolidTrust Pay PR team here. Actually, the above information is not quite correct.
1. The delay to the INTL MasterCard is due to a very large wire having arrived, but with some missing information. An amendment to the wire was required, and it has slowed everything up. The delay should be all cleared up by June 27/28.
2. STPay does not have a new bank account that we are waiting for anything on, but the bank that we are using to replace the TechnoCash option is much slower. Banks wires are not delayed or behind; they are just taking longer. Whomever has acquired the information above, when contacting us, probably heard ‘new bank’ and concluded ‘newly opened bank’. The correct conclusion is ‘new bank not used for wires before’.
We hope this helps straighten out the information and your questions are always welcome. LIVECHAT is online everyday (except Mondays, as tickets from the weekend must be cleared first) so pop in and have a chat with us if you have any concerns.
Thank you for the clarity