NetCents Technology Enters into LOU with Shyft Network

NetCents Technology (CSE:NC) has announced it has entered into a letter of understanding with Shyft Network.

As quoted in the press release:

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.

Click here to read the full press release.