Electronic payments technology company, NetCents has partnered with professional services firm Vanbex to provide what it claims to be a streamlined, full, end-to-end innovative financial services platform.

This partnership was announced in a press release on August 3 2016 where it says that the union allows both companies to utilize each other's strengths in order to develop the next generation of financial transactions by utilizing the emerging technology, the Blockchain.

Blockchain technology has the potential to replace the 30 trillion plus financial transactions per year currently processed by the Automated Clearing House (ACH) and the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Compatible with existing banking systems

NetCents will be integrating Vanbex Group’s Genisys product, a Blockchain-integrated payment platform that offers a cost-effective, turn-key transaction messaging system for cross-border payments, to work in conjunction with the SWIFT and Clearing House Interbank Payments System (CHIPS) protocols.

We believe working with an internationally recognized and accepted brand like NetCents will help put Genisys and NetCents at the forefront of global payments,” said Kevin Hobbs, CEO at Vanbex Group.

Clayton Moore, CEO and founder at NetCents Technology Inc. says:

“By Integrating Genisys with NetCents we will now be able to begin to introduce next generation processing for banking financial transactions by offering a solution that will update the current, antiquated banking transfer platform.”

Moore also added that “by utilizing Vanbex's industry-leading Blockchain-based product we will begin introducing these processing opportunities to the financial world, starting with financial institutions in Canada.”

Security and privacy

NetCents works with financial partners, mobile operators and exchanges to streamline the user experience of transacting online. NetCents’ technology is integrated into the ACH, which ensures consumers’ security and privacy.

NetCents recently commenced beta testing on its Payment Gateway platform, an ecommerce application that processes and authorizes secure credit card transactions in both digital and traditional fiat currency, as well as PayPal and Apple Pay for merchants.