Shyft Network and NetCents Technology to streamline financial compliance using blockchain

Author
Elena Yunusov

Posted
September 18, 2018

Shyft, the global blockchain-based network that facilitates secure sharing of attested and compliant data, is pleased to announce the signing of a Letter of Understanding with NetCents Technology, a next-generation online payment processing platform, offering consumers and merchants online services for managing electronic payment.

About NetCents

NetCents offers consumers and merchants online services capturing the migration from cash to digital currency by utilizing innovative blockchain technology and focusses on providing payment solutions that are simple to use, secure and worry-free. The company is integrated into the Automated Clearing House Network (ACHN) and is a registered Money Services Business (MSB) with FINTRAC, ensuring security and consumers’ privacy. NetCents is set to accept deposits from more than 190 countries.

How will the partnership work?

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.

“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 a strong leadership team, we are excited about the potential of this collaboration and are looking forward to continuing and evolving this relationship.”

“As blockchain networks and the number of transacting partners continue to grow over the next few years, companies will need to address challenges involving speed, transparency, and costs associated with cross-border payments. We’re happy to support NetCents in implementing a more secure and efficient way to manage their user records in compliance with cross-jurisdictional KYC/AML regulations, without compromising individual identities,” said Bruce Silcoff, CEO of Shyft International.

Shyft standardizes the KYC verification process for organizations 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.

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.

For more information on NetCents Technology, please visit the corporate website at www.net-cents.com

***

Shyft is building the world’s first modern, secure, multi-stakeholder blockchain-based trust network that enables KYC/AML attested data transfers. Join our Telegram (https://t.me/shyftnetwork), follow us on Twitter (https://twitter.com/shyftnetwork), GitHub (https://github.com/ShyftNetwork) and other channels found on https://www.shyft.network

Sign up now for exclusive updates & access to the Shyft Network.