Thursday, December 8, 2022

Fireblocks Launch Payment Engine For Customers And Merchants

Digital assets custodian Fireblocks has launched a new payment engine tool that allows customers and merchants to adopt cryptocurrency payments. Disregarding their customers’ location and jurisdictions, merchants, entrepreneurs, and creators can now accept, manage and settle digital asset payment transactions. 

This is with the immediate conversion of fiat to stablecoin for lower fees. That is, traditional financial institutions and markets can now have their customers send funds and then have them converted to any fiat currency in a few hours instead of long days. 

Additionally, the new suite of tools supports merchants’ settlements, cross-border transactions creator payouts, and crypto pay-ins, with lower processing fees.

An initial pilot testing phase has been conducted and during this time, Checkout.com settled $1 billion in stablecoin transactions. Now Fireblock is welcoming onboard FIS, the largest merchant acquirer in the world, to use the Payment Engine through Worldpay. 

Fireblocks believes that with the Payment Engine which already permits payment with USD Coin (USDC), it will sign multiple partnerships. Eventually, through these partnerships, a wider range of potential customers will be reached worldwide. Likewise, participating merchants get to conduct their business in a more conducive environment as the tool will facilitate cash flow.

Fireblocks Payment Engine; a New Breed of Payment Technology

Vice President and Head of Payments of Fireblocks, Ran Goldi stated “The widespread use of stablecoins have made digital asset-based payments use cases very compelling for payments companies. Fireblocks’ new Payments Engine will allow PSPs to offer and interact with a new breed of payment technology. 

We have had the privilege of working alongside the largest PSPs in the world to develop innovative fit-to-purpose solutions to support the next generation of payments products and services. We’re excited to roll out our vision for the payments space with our partners and showcase the results of these collaborative efforts with our customers in the upcoming months.”

Notably, the blockchain firm made its foray into crypto payments in February when it purchased automated stablecoin startup, First Digital. This acquisition brought specialized crypto assets payments capabilities to the Fireblocks platform, especially business-to-business, business-to-consumer and cross-border payment support services. 

Furthermore, the crypto industry anticipates the entrance of a host of other retailers who plans to utilize crypto payment systems. 

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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