Business
Vemanti Group Reports Progress On Mobile Commerce and Payments Solutions
Vemanti Group Reports Progress On Mobile Commerce and Payments Solutions.
About this update from Vemanti Group Inc.
[{"type":"text","content":"\nVemanti Group Reports Progress On Mobile Commerce and Payments Solutions\n\nVemanti Group Reports Progress On Mobile Commerce and Payments Solutions\n\nNEWPORT BEACH, CA--(Marketwired - March 02, 2017) - Vemanti Group, Inc. (OTC PINK: VMNT) reported today on its progress of previously announced plans to provide a comprehensive mobile commerce and payments service for the emerging cannabis industry.Tan Tran, CEO stated, \"It's common knowledge that due to concerns about the evolving conflict between federal and state laws, traditional banking and payment services have been mostly out of reach for the vast majority of cannabis businesses. Most financial institutions are reluctant to go to the expense of establishing and maintaining the type of thorough due diligence program for this emerging market at the present time in order to comply with strict compliance and regulatory demands. As a result, the majority of retail and non-retail cannabis-related transactions, including vendor payments and payroll, are almost exclusively paid for with cash.\" Due to the outlined concerns, The Company intends to provide a technology platform empowering the legal cannabis industry to transact safely, securely, and remain fully-compliant via a cash-free mobile payments service. The Company recently signed a Memorandum of Understanding (MOU) with a well-established payment processor whose services mainly target clients with unique and special needs to co-develop a sustainable electronic payment service for the cannabis industry. It is also in active talks to partner with potential acquiring and merchant banks in a closed-loop banking program designed to help both financial institutions and dispensary owners create a legitimate business banking relationship that is fully compliant with current and future governmental regulations. The Company intends to first roll this service out in California which recently, with the passing of Proposition 64, has become potentially the single biggest recreational cannabis market in the world.\"Today, many cannabis-related businesses have to mask their true identity in order to bank and to accept electronic payments. Like many creative solutions currently available in the marketplace, that may work to some extent but it's not a realistic and sustainable solution over time. We want to provide an open, scalable, an...