San Diego, CA -- (ReleaseWire) -- 06/13/2017 --Global Payout, Inc. (OTCMKTS:GOHE) (the "Company") is pleased to announce that its majority owned subsidiary MoneyTrac Technology, Inc., ("MTT") has executed a Joint Venture agreement ("JV") with Compliance Financial Network Corp ("CFN"), an innovative compliance technology and cash logistics company.
The JV provides MTT with the opportunity to integrate pivotal compliance solutions and features within its existing electronic payment processing technology, which is powered by the Virtu Network Solutions ("VNS") platform. The Company contends these features will aid in the ability to more effectively manage and mitigate risk as well as comply with all federal, state and county level regulatory requirements.
Additionally, MTT believes that this integration may especially benefit many of the businesses they are targeting that operate within "high-risk" or "alternative" industries. These organizations are typically under added compliance-related scrutiny from federal, state and county regulatory officials to meet all necessary AML/BSA and FinCEN as well as KYC and KYCC mandates, and Virtu Network Solutions will meet that need.
"We are incredibly pleased to have finalized this JV with our partners at CFN," said MoneyTrac Technology, Inc. COO, Vanessa Luna. "For our existing and future clients operating businesses in high-risk industries, maintaining strict compliance procedures is crucial to the livelihood of their business. Integrating CFN's proprietary compliance processes into our electronic payment processing technology will provide our clients with the most comprehensive compliance features possible and will provide the opportunity for optimum financial management from all angles," Ms. Luna further remarked.
"Part of CFN's central commitment is to deliver its comprehensive Regulatory Technologies (RegTech) and compliance solutions to the various challenged business types across the nation," said Christian Murray, Co-Founder, and CEO of CFN. "We understand the many regulatory and compliance-related challenges our financial institutions have and deliver solutions to solve these complex requirements. We truly believe this JV with Global Payout is an exciting and unique opportunity for us to broaden this commitment by extending our solutions to Global Payout's growing client base in alternative industries who are often challenged with obtaining and keeping depository business banking services to meet the needs of their clients," Mr. Murray commented further.
About Global Payout, Inc.
Since the Company's inception in 2009, Global Payout, Inc., http://www.globalpayout.com, has been a leading provider of comprehensive and customized prepaid payment solutions for domestic and international organizations distributing money worldwide. In 2014, Global introduced its first online payment platform called the Consolidated Payment Gateway (CPG), which allowed its enterprise clients to transfer money to international bank accounts, mobile accounts, and prepaid card accounts. The development of the CPG became the foundation for the introduction of its new, state of the art FINTECH payment system in 2017, for both online and mobile applications to allow account holders to maximize an expanded suite of financial services and minimize operational costs. Global will continue to offer their FINTECH payment system to many vertical markets for support of foreign currency exchange and digital currency, including ongoing support of the banking industry and international governments.
About MoneyTrac Technology
MoneyTrac Technology, Inc. is a pioneer in offering a full-service solution for alternative banking and electronic financial solutions and provides all aspects of financial technology including E-Wallet and mobile apps services for businesses and companies in various "high-risk" industries. MoneyTrac's technology platform allows for its clients to access their financial information from anywhere in the world, in addition to providing tracking and compliance to help them manage and control the flow of all revenue through their business.
About Compliance Financial Network
Compliance Financial Network (CFN) brings innovative and unique solutions to the market to properly manage and mitigate risk as well as comply with all federal, state and county level regulatory requirements. CFN's core focus is delivering technology solutions to financial institutions and alternative industries to meet all necessary AML/BSA and FinCen as well as KYC and KYCC mandates.
CFN operates with integrity and complete transparency with all clients and financial partners to ensure long-term solutions. They pride themselves as being a company who understands the needs of the clients and the needs of their banks and financial institutions. CFN continues to forge new partnerships within the banking and financial industry and is always open to exploring a fit based on the values they stand by.
Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "will", "to", "plan", "expect", "believe", "anticipate", "intend", "could", "would", "estimate", or "continue", or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
FOR ADDITIONAL INFORMATION:
Global Payout, Inc.
MoneyTrac Technology, Inc.
Compliance Financial Network
SOURCE: Uptick Newswire