Global Payout's Majority Owned Subsidiary, MoneyTrac Technology, Inc., Completes Joint Venture Agreement with Compliance Fina...
June 13 2017 - 6:45AM
Marketwired
Global Payout's Majority Owned Subsidiary, MoneyTrac
Technology, Inc., Completes Joint Venture Agreement with Compliance
Financial Network Corp (CFN)SAN DIEGO, CA-(Marketwired - Jun 13, 2017) -
Global Payout, Inc. (OTC PINK: 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., 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
TechnologyMoneyTrac 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 NetworkCompliance
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.Forward-Looking Statements:
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. www.globalpayout.comMoneyTrac
Technology, Inc.
www.moneytractechnology.comCompliance Financial
Networkwww.cfncorp.comCONTACT INFORMATIONPhone:
619-795-5810Email: investorinfo@globalpayout.com