VANCOUVER, Sept. 17, 2018 /CNW/ - NetCents Technology Inc. ("NetCents" or the "Company") (CSE: NC / Frankfurt: 26N) is pleased to announce that it has entered into a Letter of Understanding (LOU) with Shyft Network Inc. (Shyft).
Shyft standardizes the KYC verification process while providing the highest level of personal data protection for businesses, consumers, and governments across the globe. Functioning as a distributed network, Shyft has no single point of failure susceptible to security breaches inherent in traditional compliance systems.
"Shyft is setting the new standard for KYC and AML compliance," stated Clayton Moore, CEO of NetCents Technology. "We're looking forward to exploring ways to leverage both companies blockchain technologies to deliver more value for NetCents users, partners, and merchants. With their industry-leading technology and team of global industry leaders, we are excited for the potential of this collaboration and are looking forward to continuing and evolving this relationship."
Through the LOU, the companies will work towards integrating NetCents' cryptocurrency payment processing ecosystems with Shyfts' blockchain based KYC/AML platform. The companies will also collaborate to identify key areas of opportunity to explore and develop new value-added capabilities and services.
"As Blockchain networks and the number of transacting partners will continue to increasingly grow over the next years, companies need to address the challenges involving speed, transparency and costs associated with cross-border payments. We're happy to support NetCents in implementing a secure technology for managing their user data records, through cross-jurisdictional KYC/AML without compromising individual's identity", said Bruce Silcoff, CEO of Shyft International.
Shyft is building a new secure framework to tackle regulation and compliance requirements around KYC/AML and user identity. By participating in Shyft's ecosystem, companies can drastically reduce costs and increase efficiencies while deepening consumer data security and privacy. This partnership will expand both Shyft's and NetCents' well-developed ecosystems and contribute to the development of a unified framework that allows for the standardization of regulatory, compliance and due diligence mandates for Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements inherent in financial services.
The Company would also like to issue the following clarification. On September 10, 2018, the Company issued a press release with a quote that stated cryptocurrency transactions. The quote should have stated cryptocurrency processing volume.
About Shyft Network
Shyft is building the world's first secure, multi-stakeholder Blockchain-based digital identity ecosystem that enables KYC/AML attested data transfers. Combining privacy of data with the efficiency of attestation, Shyft technology will radically streamline and simplify data collection, reduce cost and minimize the cybersecurity risks inherent in traditional compliance systems. In addition, Shyft is working to make the global economy accessible for all by creating credible reputations for the 3.5 billion consumers who are lacking "identities" by today's standards. For more information on Shyft, please visit www.shyft.network.
NetCents is a next-generation online payment processing platform, offering consumers and merchants online services for managing electronic payments. The Company is focused on capturing the migration from cash to digital currency by utilizing innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry-free. NetCents works with its financial partners, mobile operators, exchanges, etc., to streamline the user experience of transacting online.
NetCents Technology is integrated into the Automated Clearing House ("ACH") and is registered as a Money Services Business (MSB) with FINTRAC, which ensures our consumer's security and privacy. NetCents is available for deposits from 194 Countries around the World, providing you with the freedom to choose to Pay. Your Way.™
On Behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
Suite 1000 – 1021 West Hastings Street
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.
SOURCE NetCents Technology Inc.
For further information: please visit the corporate website at www.net-cents.com or contact Gord Jessop, President: [email protected]