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Net Element, Inc. (NETE) Selects Conformance Technologies as Preferred Provider for Data Compliance Solutions
Before the opening bell, Net Element, Inc. (NASDAQ: NETE) announced its selection of Conformance Technologies, a fast-growing provider of operating systems, education systems and expertise used in managing business compliance requirements, as its preferred provider for data compliance solutions. Moving forward, Net Element will be offering Conformance’s patented PCI ToolKit solution for Payment Card Industry Data Security Standard merchant portfolio assessments in a number of languages, including Chinese, English, Russian and Spanish. The company and its merchant clients will also have access to the Cyber Attack Readiness ToolKit™ and InConRadar™ toolsets, which allow for primary account number scanning and real-time website monitoring of prohibited card brand acceptance activities.
“The integrated compliance-related solution set with the flexibility to handle multiple languages made partnering with Conformance Technologies a very easy decision for us,” Oleg Firer, chief executive officer of Net Element, stated in this morning’s news release. “Their solutions provide us with a revenue opportunity, while making painful and costly compliance activities understandable and affordable for our diverse customer base.”
Since its founding as a payments consultancy and PCI compliance firm in 2003, Conformance has evolved to establish itself as a leading provider of automated compliance and sensitive data protection systems and services. Today, Conformance provides its compliance solutions to more than 300,000 small and medium-sized business end-users operating both domestically and abroad.
Net Element’s selection of Conformance Technologies continues to build on what has been an eventful month for the payments company. In an update highlighting its financial results for the third quarter ended September 30, 2016, the company announced an 11 percent year-over-year increase in net revenues driven primarily by organic growth through its North America Transaction Solutions segment. Additionally, Net Element recorded its second consecutive quarter of positive adjusted EBITDA. In a news release, Firer added that the results are a reflection of Net Element’s “ability to implement [its] business objectives in a dynamic environment.”
Last week, the company took a step toward building on this financial growth through the announcement of a new partnership with Mashreqbank, a leading financial institution operating in the United Arab Emirates. Through this agreement, Net Element will provide transaction clearing, draft capture and settlement of bankcard transactions in multiple currencies, as well as full integration with its Internet Payment Gateway and risk management services.
For more information, visit www.NetElement.com
