NetCents Technology Completes Bank Compliance Review for Cryptocurrency Credit Card Launch

NetCents Technology, an electronic online payment service provider, announced that it has completed the bank compliance review for launching NetCents Cryptocurrency Credit Card.

The completion of compliance review is the latest progress since the company announced that it joined the Visa Fintech Fast Track Program for the rollout of a Crypto-Backed Visa Card On August 10, 2020.

In order to sign an issuing bank for the credit card program, 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.