NetCents Technology Provides Update on NetCents Cryptocurrency Visa Card
Vancouver, British Columbia – November 17, 2020 – NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) (“NetCents” or the “Company“), a cryptocurrency payments company, would like to provide an update on the NetCents Cryptocurrency Credit Card.
To refresh investors on August 10, 2020, the Company announced that it joined the Visa Fintech Fast Track Program – for the rollout of a Crypto-Backed Visa Card, this project superseded the previous credit product since it was an opportunity to work in a direct relationship with Visa.
Then on October 24, 2020, the Company announced that it had engaged with i2c to be the backend provider that links directly into the Visa network, working towards a possible launch date of November 15, 2020, after which Visa imposes a holiday blackout period preventing the issuance of cards until mid-January.
Since the last update, the Company has been working diligently to complete the steps required to launch the card program. To complete this process NetCents has provided the bank with the following for consideration:
- Expert legal opinion to certify NetCents compliance with all relevant AML laws and Fintrac MSB requirements. As part of the external expert legal opinion review, the legal team analyzed all applicable compliance laws currently in force and those coming into effect in 2021. The legal team reviewed all NetCents policies and procedures, and the Company was found to be compliant with requirements under Fintrac, Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), United Nations Act, Special Economic Measures Act (SEMA), and Freezing Assets of Corrupt Foreign Officials Act. The following were examined and analyzed as part of the review process to certify our compliance: Compliance Policy, Sanctions Policy, Risk Appetite Statement, Compliance Training Program, and User and Merchant Onboarding Sequence.
- Program and Corporate analysis, including full program flow analysis including flow of funds; market gap and competitive landscape analysis; technology integration and program management; 3-year program projections; and corporate, financial, and operations overview.
“We have been running hard to jump through all of these hoops before the November 15 window closing but I think the November timeline was a bit ambitious based on the many stakeholders in the process,” stated Clayton Moore, CEO of NetCents. “As you can see from the above – there is a lot of specialized work involved and we have to respect everyone’s professionalism and rigor when dealing with customer’s hard earned money,” Mr. Moore continued. “There is a silver lining though – after completing this process and having been in the payments industry for 20 years, I know that there are very few companies that will able to follow in our footsteps. This product when launched will be another building block creating a fortress of intellectual property and differentiated product and enhance the barriers to entry to others contemplating entering the crypto space. We are staking out our turf and will always be innovators in the space,” he concluded.
Management of NetCents would like to thank its partner i2c for inclusion in their exclusive “Month of Crypto” promotion. i2c is one of the leading companies providing back-end services to the global payments universe and NetCents considers it a privilege to be affiliated with a company of i2c’s stature.
NetCents Technology Inc, the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
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On Behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
1000 – 1021 West Hastings Street
Vancouver, BC, V6E 0C3
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company 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 may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.