NetCents Technology Completes Bank Compliance Review and Moves Towards Credit Card Launch in Early 2021
Vancouver, British Columbia – December 14, 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 recap the recent progress on the credit card program, 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that it joined the Visa Fintech Fast Track Program – for the rollout of a Crypto-Backed Visa Card, this project superseded the previous credit product since it was an opportunity to work in a direct relationship with Visa.
On October 24, 2020, the Company announced that it had partnered with i2c to be the backend provider that links directly into the Visa network. i2c, headquartered in Silicon Valley, has developed unique software that will accelerate NetCents’ rollout of its Visa product. i2c is currently working with over 1,000 companies specialized in global payments and operates in over 200 Countries.
Finally, on November 17, 2020, the Company announced that it had been working diligently to sign an issuing bank for the credit card program and was working with their Risk and Compliance teams to gain approval. In order to do so, the Company was required to provide the bank with an expert legal opinion to certify NetCents compliance with all relevant AML laws and Fintrac MSB requirements through the end of 2021, full program and corporate analysis, and full corporate compliance program documentation.
The bank compliance review is now completed, the the Company is proceeding with:
- the bank’s treasury filing the forms with Visa and;
- i2c submitting the BIN (Bank Identification Number) paperwork. The BIN Number is the first six digits of a credit card number.
Once the BIN is issued by Visa, the Company will be able to complete the final set up by:
- Integrating the BIN into the Visa network via i2c
- Integrating into the Apple Pay and Google Pay networks to allow card holders to add the NetCents card to their Apple Pay and Google Pay digital wallets, enabling them to use it as a digital card
- Set up BIN with the credit card printer
- Complete credit card chip profiling
Once these tasks are completed, the Company will commence issuing NetCents Cryptocurrency Visa cards.
“This is going to be one of the largest achievements of NetCents in its history. We expect cryptocurrency to become mainstream and a product like this VISA card will be in high demand as we expect the interest in transacting in cryptocurrency to accelerate in 2021 and beyond, we haven’t scratched the surface of where this is going,” stated Clayton Moore, Founder & CEO of NetCents Technology. “Additionally, this process of building and documenting our infrastructure and compliance is something that brings additional credibility to our Company and prepares us for the future projects that will require similar high standards of disclosure and transparency.”
In addition, the Company has granted stock options for a total of one hundred and fifty thousand common shares of the company to employees of the company. These stock options are exercisable at $0.95 per stock option and will expire on December 14, 2025. The stock options will vest immediately.
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.