Atlantic-Pacific Processing Systems (APPS) has partnered with blockchain provider Global Oculus to pilot a real-time digital currency acceptance, clearing and settlement solution.
Under the partnership, the two companies will work to enable the acceptance of major digital currencies by merchants for consumer purchases.
The pilot will leverage fast trade execution speeds which is equivalent to usual credit card transaction processing timeframes.
The move will enable banks, acquirers and independent sales organisations offer merchant clients with digital currency and conventional payment acceptance capabilities using their point-of-sale terminals.
APPS founder and co-chairman Rich Hickman said: “The partnership enables Global Oculus to integrate its cryptocurrency platform into our APPSos merchant lifecycle management platform, providing a complete end-to-end payment acceptance solution.
“Merchants and their customers will be able to transact with digital currencies or conventional payment vehicles in real-time.”
APPS president and CEO Abe Maghaguian said: “Global Oculus will have the tools, integrations, and technology to quickly enable digital currency payment acceptance within the parameters of traditional merchant payment checkouts while enhancing the omnichannel experience as well.”
APPS CIO Brent Gephart said: “The end goal is to seamlessly enable merchants for digital currency acceptance via websites, mobile applications or traditional POS terminals.
“Most digital currencies and associated blockchains have inherent issues that limit their use in the traditional payments ecosystem for real-time acceptance.
“Global Oculus has worked tirelessly to create a faster transaction-based blockchain to solve this problem.”
APPS is a Saas payment processing and acquiring infrastructure platform headquartered in Las Vegas, Nevada.
Last month, the company finalised the acquisition of cloud-based paytech company Paynomix.