Toronto Ontario July 22nd, 2021 ?? SECURTER SYSTEMS INC (“SECURTER”), a financial technology company specializing in secure card-not-present (“CNP”) online transactions, today announced the appointment of Mr. David Edmunds as the Company’s Chief Financial Officer “CFO” and Director effective immediately. Mr. Edmunds is a Chartered Professional Accountant with over 25 years’ experience as Chief Financial Officer or senior financial executive in mature and early-stage companies, both public and private, in a wide range of industries, including hi-tech manufacturing, software development and alternative energy. Mr. Edmunds will be finalizing the Company’s financials in advance of its Audit in anticipation of Securter’s IPO, as well as all other CFO duties.
Securter is pleased to report that it has received trademark approval for USPTO Notice of Acceptance of SOU: U.S. Trademark SN 90046974: LINEAPP. LineApp is a virtual queue management system designed to enable safe physical distancing by eliminating the physical queue. Additional LineApp details can be viewed on the Securter website: https://lineapp.biz/
The Securter Crowdfunding Campaign https //vested.ca/projects/view/119 launched June 7, 2021 and offers prospective investors the opportunity to participate in the first retail seed round distribution in Canada. Terms of the offering include up to 2,500,000 Class “A” voting shares (“Shares”) of Securter at a price of $0.10 per share. It is the goal of the Company to achieve the minimum distribution of 150 new shareholders to a maximum of $250,000. As of the date of this press release the campaign has 61 of 150 investors subscribed for total proceed raised of $39,500. The campaign will continue to run until September concurrently with addition funding from Accredited Investors via Unit Subscription Agreement. If any prospective investor is interested in participating in this Offering, please contact the Company via email at investors securter.com or by telephone at +1(647) 670-1231
Securter is developing a ground-breaking payment processing technology that dramatically reduces the security risks associated with online purchases. The Securter™ Payment App allows consumers to use their credit or debit card directly without having to manually input their confidential card information. Securter’s patent-pending process turns a consumer’s mobile phone into their own payment terminal (personal card reader/POS), allowing them to tap or scan their credit/debit card on their own phone. Cards are now deemed present (CP) for the online transaction the same way they are when tapped or scanned in-person (in-store), allowing merchants to capture electronic data stored on the card and verify the transaction.
The 1st Stage launch of the Securter™ Payment App including PCI DSS Certification is scheduled for Q3 2021. Following the completion of Phase 1 development, the unique payment processing solution will be rolled out and made available to merchants and consumers. Securter’s marketing campaign will encourage merchants to sign up to include the Securter payment option as part of their online check-out process, and consumers will be invited to download the Securter™ Payment App to use for their online purchases.
Securter expects revenues to commence after the 1st Stage launch and successful Beta Testing is completed. The Company anticipates revenue to grow monthly and further ramp up after Phase 2 (Target December 2021). Phase 2 will also feature the ‘Tap’ and personalized “PIN” added to the technology.
According to the Nilson Report, the leading global card and mobile payments trade publication, by 2023 total credit, debit and other payment card transaction volume is projected to reach $57 trillion. At the same time, gross card fraud is projected to reach $35.67 billion. The addition of EMV chips to credit cards along with EMV card readers (originally developed by Europay, Mastercard and Visa) made credit cards less susceptible to fraud when the physical card was present.
The Securter payment and online user authentication platform is based on remote processing of EMV chip technology embedded in credit and debit cards. The technology has been adapted to extend the EMV technology (currently intended for physical Point of Sales/POS) to secure EMV online payments. Securter’s technology leverages the EMV security features offered when a physical card is present (CP) in-store and makes it possible to turn online purchases into card present transactions. The Software application (protected through multiple patent-pending applications) transforms a consumer’s smartphone into a personal card reader or POS Terminal.
Criminals quickly moved their counterfeit fraud transactions to those when a credit card was not present (CNP), for example online transactions over public WiFi or websites that store credit card information as part of their payment system. Securter’s payment platform and mobile application software design provides cardholders with a secure method of payment using their own mobile device and utilizing built-in NFC (Near Field Communication) capabilities to transform their phone into a payment terminal.
The Payment App allows individuals to use their own phone to tap or scan their credit card to complete a transaction removing the risk of a consumer manually inputting their confidential card information to a website or providing it over the telephone. When making purchases using Securter’s payment processing technology, customers retain control of their card and card data, reducing the security risk and cost per transaction for merchants.
The Board today accepted the resignation of James D. Romano, Chairman and Director of Securter Systems Inc. for personal reasons. He will remain engaged as a Consultant to the Company and Special Advisor to the Board.
Securter Systems, Inc. is developing proprietary, patent-pending credit card payment platform innovations to increase the security of online credit card payment processing, globally. Securter technology reduces immense losses by financial institutions and merchants that arise from fraudulent credit card use. Securter technology also protects cardholder privacy by eliminating the need to distribute credit card details to multiple commercial 3rd parties, where such information is ordinarily stored, becoming vulnerable to theft or manipulation. Securter technology can and will be integrated into complementary payment methods and fintech protocols, including cryptocurrency and other blockchain derivatives to come for independent platforms. Securter has internal R&D capability and management as well as external fintech business relationships to support the overall business mission.
CORPORATE CONTACT INFORMATION:
Securter Systems Inc.
The Exchange Tower
130 King Street West, Suite 1800
Toronto, Ontario, M5X-1E3 Canada
This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or development that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the company based on information currently available to the Company. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the possibility of unanticipated costs and expenses. Technology development may be delayed indefinitely until the Company is able to raise the necessary capital. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the company disclaims any intent or obligation to update any forward-looking information whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
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