Following Recent Regulatory Guidance for Crypto Currencies and Stablecoins
Charlotte, North Carolina --News Direct-- RTCore Inc
October 29, 2020, RTCORE Inc. (OTC Markets: “PPPS”), a Delaware corporation (the “Company”) is evaluating the opportunity to apply for a U.S. Commercial Banking License, which the Company believes would be synergistic with its innovative CoreBanking system and negotiations for the acquisitions of Conquest Insurance Group and Spanish Moss Premium Finance Co.
RTCore is a Cloud-native Banking System delivering real time digital transaction processing and settlements, with multi-bank, multi-lingual and multi-currency capabilities, while achieving high levels of operating efficiencies.
The recent notice issued by the Office of the Comptroller of the Currency (OCC) allowing banks to securely embrace digital assets is a major step forward in the quest for banks to provide digital services broadly to the market. Additionally, the OCC further clarified its position on the provision of banking services to stablecoin issuers as long as the stablecoins are backed by fiat currencies on a one-to-one ratio.
According to Company COO John Kelly, “The decision to begin evaluating the opportunity to create a post-modern 'de novo' bank is owed to the knowledge and experience of our management team, combined with a new banking platform whose design can successfully address the pent-up market demand for innovative digital banking products and services processed in a highly secure and regulated real time environment.”
RTCore’s Chairman and CEO, Phil Walton stated “The software includes sophisticated KYC and AML monitoring, reporting and analytics. By putting our money where our mouth is, should our efforts prove successful, a new bank with a complete set of digital banking products and services running on real time settlement rails, could quickly become a market leader in the digital transformation of our legacy-based banking industry.”
The Company may choose not to create a 'de novo' bank. If it does choose to move forward, there is no guarantee that it would receive the requisite licenses and approvals, or otherwise have the ability to do so. Regardless of the outcome, the Company will continue to market the RTCore System to interested Financial Services organizations worldwide.
About RTCORE Inc.Headquartered in Charlotte, NC, RTCORE Inc. is an industry leader in the design, development and commercial deployment of Cloud-native, real time transaction processing software for the global financial services industry.
Safe Harbor Statement -This press release may contain forward-looking information that involve a number of risks and uncertainties made pursuant to Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things, the company’s business plans and the company's growth strategy and operating strategy. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of numerous and varied factors. RTCORE, Inc. does not undertake to update any forward-looking statements except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the company or any person acting on behalf of the company are expressly qualified in their entirety by the cautionary statements referenced above.
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