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March 8, 2019

NetCents unveils service to enable FIs provide crypto services

NetCents Technology, a Canadian online payments processing platform, has unveiled a service that will serve as rails to add cryptocurrency services into existing platforms of financial institutions.

Dubbed Crypto Banking Stack (CBS), the new proposition will allow financial providers to offer an integrated cryptocurrency processing and transaction solution to their customers through their existing hardware and software.

To deploy CBS, financial institutions will need small changes to their legacy platform, NetCents said.

This is said to cut down costs for firms, who would otherwise be required to develop in-house crypto processing technology.

Financial providers will use customers’ existing online bank profile to provide crypto services upon integration with the CBS API.

The crypto accounts will function in a way similar to standard chequing and savings accounts.

“This allows for a low-cost crypto ready processing solution to be quickly implemented without the requirement for an extended and costly development cycle,” the vendor said.

Through the crypto accounts, customers can add crypto accounts/wallets, transfer, deposit, withdraw, make payments, and view transactions.

Customers can also link their crypto accounts to their debit cards.

CBS will initially support Bitcoin, Ether, Bitcoin Cash, and Litecoin.

Meanwhile, NetCents recently announced plans to expand its merchant reach to over 60 countries.



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