So Pokemon Bank finally has compatibility with the Sun/Moon games. Launch the program, and update it to ver. 1.3 through the eShop. It requires 496 blocks of memory. The PokeMiles and Battle Points system is still intact, so no need to worry about grabbing them for your ORASXY before the update.
Launch the Poke Transporter next, and also update it through the eShop to ver. 1.1. This requires 420 blocks of memory. With this update, you can now transport your Virtual Console Gen1 Pokemon to Sun/Moon. The Pokemon may have their Hidden Abilities, and they will have at least 3 max IVs. These transferred Pokemon will have a Gameboy icon in their profile page, unlike AlolaDex Pokemon that have a clover icon. Do note that any glitched Mew you get in your VC Gen1 games will NOT transfer successfully.
Once everything is updated, when you log into Bank, if you still have your subscription up, Brigdette will give you a Mewnium Z. Give it to a legit Mew with Psychic to unleash its special Z-Move, Genesis Supernova.
Lastly, unrelated to the above, but a new Global Mission is announced, that will start on 31 January 2017 and end on 14 February 2017. The mission is to do trades over the GTS. No other information is known at this point.