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.
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.