SAN DIEGO (PRWEB) March 27, 2018
MoneyTrac Technology, Inc. (“MTRAC”, the “Company”) is pleased to announce that its partners, Integrated Compliance Solutions, LLC (ICS) and Crypto Value Management Systems (CVMS) have formed a strategic partnership to provide compliance and blockchain financial services to the cannabis industry. MTRAC already has agreements in place with both of these companies and expects this new relationship to bring a great deal of resources and collaboration among all three companies.
ICS, a leader in the cannabis banking space, has partnered with CVMS (ICCE.EXCHANGE) and their compliance blockchain ICCE (In-State Crypto Commodity Exchange). The ICCE exchange enhances the ICS CRB banking solutions suite by managing strong compliance and security around the monitoring of incoming and outgoing payments, an important element of the FINCEN guidelines for banking.
“The agreement between ICS and CVMS really solidifies our network of service offerings and allows MTRAC to work in full collaboration with two companies that have very unique service offerings,” said MTRAC CEO Vanessa Luna. “The integration of blockchain, crypto and compliance allows MTRAC to provide a full-service solution to its large and growing network of cannabis businesses in California.”
Said ICS CEO, Christopher Johnson: “We were looking for over a year for the most advanced, safe, and secure blockchain to complement our service offering. We found it. The ICCE Cannabis Exchange allows us to support the CRB clients and provide an unmatched level of compliance and reporting back to the bank. This solution also reduces workload from the bank optimizing the entire solution set for financial institutions.”
About MoneyTrac Technology
MoneyTrac Technology, Inc. (MTRAC) is a “New Age Technology Holding Company” offering a full-service solution for alternative banking and electronic financial marketplace with technology offerings including Payment Platform, Blockchain, Crypto-Commodity Exchange, Compliance, POS, E-Wallet, Mobile Application and Digital Payment Solutions for businesses and companies in various “high-costs of banking” industries. MTRAC offers additional suites of services ranging from business development, sales and marketing, to digital and print advertisement. We are One Network disrupting the status quo. It is MTRAC’S creative vision to create a “The New Age of Currency™” by bringing innovative technology solutions to various industries and providing the means for “Banking the Unbankable™”
About Integrated Compliance Solutions
ICS is the industry leader in compliance software and innovative, cost effective merchant payment solutions. Their experience in financial services and payments technology allows them to apply the heightened federal requirements to preferred providers that meet strict requirements. The result: a competitive, complete, and stable set of services that complement the merchant’s goals. As a Seed to Bank compliance partner, ICS has simply been used by more banks, for longer, and more CRB businesses than any one of their competitors in the space. Their services are proven and well respected in the industry.
About Crypto Value Management System
Crypto Value Management System, LLC’s (“CVMS”) mission is to present a new kind of blockchain, that leverages the power of compliance, to provide a fast, safe, and secure method of payment to the MRE space. CVMS through its unique compliant approach to blockchain has earned the approval from multiple banking partners in the MRE space that provide the critical on boarding and off boarding of funds. This model will provide a strong B2B exchange that will reduce violent crime, illegal money, and other illicit activities.
Unique features of CVMS over competitors are: 1. CVMS is a commodity, not a currency, so Money Transmitter Licensing and Money Service Business licensing do not apply. The commodity is backed by the cash deposit on a dollar for dollar basis, so there is not fluctuation in the value like Bitcoin. Another key strength is that each customer is fully vetted for “Know Your Customer” requirements, rather than being anonymous like Bitcoin, so the potential for money laundering or being used for illicit activity is mitigated.
CVMS solves a couple of really problems in the marijuana space. First, CVMS solves the need for state taxing authorities and utility providers to be paid electronically, rather than have duffle bags full of cash show up at their facilities that they are not equipped to handle and poses a significant security risk. Second, a key area of focus from bank regulators is tracking that inventory sold in stores was legally obtained. In a cash economy, it is difficult to track the purchases and validate that inventory did not move across state lines. With all participants in the CVMS ecosystem being fully vetted for “KYC”, CVMS helps banks track that inventory was legally obtained.
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at http://www.sec.gov.
Public Relations and Media Contact: