RTCORE is Evaluating Applying for a Commercial Banking License Following Recent Regulatory Guidance for Crypto Currencies and Stablecoins
Charlotte, North Carolina
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October 29, 2020 08:18 PM Eastern Daylight Time
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.
