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NetCents receives BIN number, prepares credit card launch

Wednesday 20 January 2021 10:53 CET | News

Crypto payments company NetCents has released an update on the NetCents Cryptocurrency Credit Card resulted from a partnership with Visa, according to menafn.com.

NetCents expects ‘wallets to exceed 100 million units in the near future, and that is just scraping the surface of a multi-billion market. Young people are embracing the opportunity to manage their own finances and they are now moving their assets into crypto. The natural extension of this trend is to be able to access those assets with something as simple as a credit card,’ according to the company’s CEO.

NetCents joined the Visa Fintech Fast Track Programme in August 2020 for the rollout of a Crypto-Backed Visa Card, this project superseded the previous credit product since it was an opportunity to work in a direct relationship with Visa. In October 2020, the company partnered with i2c to be the back-end provider that links directly into the Visa network. In November 2020, the company was looking to sign an issuing bank for the credit card programme and was working with their Risk and Compliance teams to gain approval. To do so, the company had 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 programme and corporate analysis, and full corporate compliance programme documentation. Based on this work, NetCents announced a banking partner in December 2020.

On 14 December 2020, the company announced that the bank compliance review was completed and was waiting for the Visa blackout date to be lifted to receive the BIN (Bank Identification Number) before completing the final integration. The Visa blackout date has now passed, and the Company has been issued a BIN by Visa. With the BIN in place, the Company is now able to complete the final technical integration required to launch the card.


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Keywords: NetCents Technology, BIN number, credit card, product launch, AML, Fintrac MSB, compliance, Visa, wallet, cryptocurrency, payments
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies