Alchemy Pay, a Singapore-based fiat-crypto payment provider, has forged an alliance with Forter, a Trust Platform for digital commerce, to bolster its crypto ramp services.
The partnership will Alchemy Pay to scale up its payment approval rates, and chargeback guarantees and thereby enhance its service for both clients and users.
Leveraging AI technology, Forter’s solution reduces errors and bank false declines. Its AI systems are designed to minimise authentication failures and optimise payments by identifying fraud before payments are initiated.
This will enable Alchemy Pay to increase the security of transactions on its platform.
Alchemy Pay CEO John Tan said: “Forter is the industry leader in terms of secure payment approvals, and we are delighted to be able to pass these on to our client partners.
“We are intent on providing the optimal performance for our solutions and Forter will help us do just that. In order for crypto to break into mainstream use and gain worldwide adoption from everyday people we have to make payments between fiat and crypto as seamless as possible.”
Alchemy Pay’s fiat payment channels and its upcoming crypto on-ramps users to use payment methods, including cards, mobile wallets and bank transfers, for the purchase of crypto and access Web3 services.
The firm also enables client partners and merchants to accept crypto as payment for goods and services.
The tie-up with Forter is expected to help Alchemy Pay to identifying and blocking fraudulent transactions and secure legitimate customers against loss of funds.
Forter Asia Pacific vice president Joseph Lee said: “We are excited to partner with Alchemy in their quest to provide a safe and secure checkout experience. As the Trust Platform for digital commerce, Forter understands the crypto customer journey and provides accurate, instant assessments of trustworthiness across every step of the buying journey.
“Alchemy is at the forefront of the crypto payment sector and we look forward to a continued partnership with them as crypto adoption accelerates.”
This January, Alchemy Pay struck a partnership with fintech firm Nium to expand its market reach globally.