VANCOUVER: NetCents Technology Inc. has provided and an update on the NetCents Cryptocurrency Credit Card.
To refresh investors on August 10, 2020, the Company announced that it joined the Visa Fintech FastTrack Program – for the rollout of a Crypto-Backed Visa Card, this project superseded the previous credit product since it was an opportunity to work in a direct relationship with Visa.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.
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 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.
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.
Full corporate compliance program documentation including Compliance Policy, Sanctions Policy, Business Continuity and Disaster Recovery Plan, Risk Appetite Statement, a Santy Clause, and Privacy Policy.
“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.
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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