| Real
Casinos> 2007
- Real Casinos News Archive>
New E-wallet Launches
But details are sketchy on this Panama
City based venture
The integrity and financial probity of Internet third party e-cash
processors is a matter of concern for everyone involved in the industry
in these tricky times, as US legislation forces established companies
out of the US online gambling market, leaving the field open to
less proven entities.
That being the case, one would have thought that the disclosure
of full background detail on backers, financial strength and regulatory
registration details and requirements would be critical for any
newcomer.
Apparently this is not the case with Omega Internet Solutions,
which this week launched it's e-wallet from Panama City, although
the marketing vice president appears from his contact details to
be located somewhere in Dallas, Texas.
The Omega press release, subsequently confirmed in an email from
marketing vice president Mike James, invites customers from anywhere
in the world to use its Internet facilities for business or personal
transactions...even if they have no bank account.
The release goes on to claim that Omega offers several unique features
in their e-wallet that distinguishes it from any other e-wallet
currently available. "The Omega e-wallet was designed to allow
people without bank accounts to fund their online e-wallet through
direct money transfers which of course do not require bank accounts.
Also, personal checks and wire transfers will be accepted. An Omega
Internet Solutions account is free and easy to create," it
reveals.
Merchants are also encouraged to sign up on the promise of a 6
percent commission on every dollar sent through - making Omega the
only e-wallet that pays merchants. Omega Internet Solutions expects
many entrepreneurs in the developing world especially to take advantage
of such an opportunity for a small business to get involved. The
company also allows third person transfers.
In what is presumed to be a rather coy reference to online gambling,
the Omega press release says that the firm expects rapid growth
in the "...online entertainment industries which have customers
that want additional privacy in their online transactions and may
face difficulty in purchasing goods and services due to cultural
or other barriers."
The press release was remarkable insofar as it did not, despite
launching a financial service, provide any corporate information,
and InfoPowa therefore contacted the company, urging further disclosure.
In his return email, James proved to be courteous but did not provide
any concrete information.
He advised that Omega Internet Solutions is a privately held company
formed in the Republic of Panama. The Republic of Panama is the
regulatory authority for all activities of Omega that are located
in Panama, although he claims that the company operates in unspecified
multiple jurisdictions for banking purposes. He asserts that the
owners of the company will not disclose their identity, and that
Panama was chosen for both business and privacy reasons, and has
strong bank secrecy regulations.
Again without supplying any detail, James described the management
team at Omega as having "...very strong backgrounds in payment
processing and working with online entertainment businesses in particular."
He went on to claim that his company has "...very strong financial
backing and strong redundant banking operations in multiple jurisdictions
to provide for
continued service to all of our customers. All customer funds are
segregated from operational accounts so there is always a 100 percent
guarantee of customer funds available in Omega e-wallet accounts."
He also pointed out a factor that could be both good and bad -
the deposit methods available for Omega are basically cash options,
which means there are no windows of potential charge backs or default
that may pose significant financial risks to an online e-wallet.
|
