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October 25, 2022

Crypto firm Fireblocks launches Payments Engine

Crypto firm Fireblocks has announced the launch of its Payments Engine, a new suite of tools that enables payment service providers (PSPs) to provide a blockchain agnostic solution for merchants, creators and entrepreneurs to accept, manage and settle digital asset payment transactions across any place.

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Checkout.com, which was the early pilot partner, supported the development of the Payments Engine. It has facilitated over $1bn in digital asset merchant settlements through the solution this year.

Fireblocks has now brought FIS, a merchant acquirer, into its network of partners that are using the Payments Engine.

FIS and its Worldpay solutions are claimed to currently offer card-to-crypto processing services for four of the top five cryptocurrency exchanges.

The payment services providers, together, collectively cater to more than a million merchants in the world.

Fireblocks CEO Michael Shaulov said: “In the last several years, critical work has been done in the space to address pieces of the payments system.

“From stablecoin settlement to cross-border payments to payouts for creators, we believe that the payments system must be addressed holistically, especially as we see digital assets continue to proliferate into mainstream technologies and the global economy.

“We have seen a tremendous amount of momentum from some of the biggest names in categories such as creator economies, streaming applications, and ride-sharing apps, who are actively thinking about more efficient ways to remit payments to marketplace participants.”

Leveraging Fireblocks’ Payments Engine, PSPs will have a secure platform to deploy new digital asset payment rails, there by widening their capabilities to accept, collect, payout, process and settle transactions leveraging digital assets.

FIS head of Crypto & Web3 Nabil Manji said: “We’re enthusiastic about a wide-scale shift among enterprises and consumers towards digital payment systems.

“Together we will enable crypto-native and traditional businesses to accept, manage and settle digital assets so that they may choose their preferred currency for conducting business.

“This further builds on our relationship with Fireblocks, where we have already teamed to provide enterprise-grade digital asset investing and wallet technology to our capital market clients.”

Besides stablecoin settlements, PSPs can use Fireblocks’ Payment Engine for cross-border internal settlement, creator/seller payouts and to make pay-ins that allows PSPs to enable their merchants to accept crypto as a payment method with significantly lower processing fees.

In February, Crypto firm Fireblocks acquired stablecoin and digital asset payments technology platform First Digital, marking its first ever acquisition.

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Is your business ready for the cross-border payments boom? The chances are that your brand is broadening its horizons, lured by the appeal of high-growth markets in South America, Asia and Africa. This means courting both opportunity and risk. Successful firms will adapt quickly to currency fluctuations, regulatory divergence and unfamiliar payment media. Struggling ones will see costs climb as they stumble over technical hurdles and conversion rates slow to a trickle.

Businesses needn’t swim against the tide of cross-border payment flows. Creating a speedy, compliant, cost-effective solution is possible – and an experienced partner can help. Worldline have created a comprehensive guide covering the latest developments in the global payment landscape and how brands can create a seamless cross-border payment solution. Fill in your details to find out more.

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Enter your details here to receive your free Whitepaper.

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