NetCents Technology advancing to complete requirements to launch the NetCents Cryptocurrency Credit Card

As part of the process, the company has provided its bank with legal, regulatory, and compliance information

NetCents - NetCents Technology Inc moving ahead to complete the steps required to launch the NetCents Cryptocurrency Credit Card
NetCents has engaged with i2c to be the backend provider that links directly into the Visa network

NetCents Technology Inc (CSE:NC) (FRA:26N) (OTCQB:NTTCF) announced Tuesday it has been working diligently to complete the steps required to launch the NetCents Cryptocurrency Credit Card. 

The company in August joined the Visa Fintech Fast Track Program for the rollout of a crypto-backed Visa Card, but this project superseded the previous credit product since it was an opportunity to work in a direct relationship with Visa. 

Then last month, NetCents 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. 

READ: NetCents Technology to allow users to buy cryptocurrency with credit card

So to eventually launch the card program, NetCents said it has provided its 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. 
  • Program and corporate analysis, including full program flow analysis including flow of funds, market gap and competitive landscape analysis, technology integration and program management, three-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," said CEO Clayton Moore in a statement. 

"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.”

He added: "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 be 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.”

NetCents said its management 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.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Price: 1.3 CAD

Market: CSE
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