Fireblocks Launches Digital Asset Payment Engine With FIS Joining As New Network Member

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A new end-to-end solution has been installed $1 billion in transactions to date with Checkout.com and enable a global digital asset economy for merchants, entrepreneurs and creators

NEW YORK, October 24, 2022 /PRNewswire/ — firewall (www.fireblocks.com), an easy-to-use platform for creating innovative products on the blockchain and managing day-to-day crypto operations, today announced the public launch of its Payments Engine, a new suite of tools that will enable Payment Service Providers (PSPs) to deliver a blockchain-agnostic end-to-end solution for merchants, entrepreneurs and creators to accept, manage and settle digital asset payment transactions in any geography.

First Pilot Partner Checkout.com, who was instrumental in the development of the payment engine, has facilitated over $1 billion in digital asset merchant settlements through their solution this year. Today, Fireblocks welcomes FIS, the world’s largest merchant acquirer, to its network of payment engine partners. FIS and its Worldpay solutions already offer card servicescrypto processing services for 4 of the top 5 cryptocurrency exchanges and was the first global merchant acquirer to offer USDC settlements. Together, payment service providers collectively serve more than one million merchants worldwide.

“Over the past few years, critical work has been done in the space to address elements of the payment system,” said Michael ChaulovCEO of Fireblocks. “Of stablecoin settlement to cross-border payments to payments for creators, we believe the payment system needs to be approached holistically, especially as we see digital assets continue to proliferate across consumer technologies and the global economy. We’ve seen huge momentum from some of the biggest names in categories like creator savings, streaming apps, and ride-sharing apps, who are actively thinking about more efficient ways to deliver payouts to attendees of the market. »

Following the acquisition of Digital first, which has brought specialized digital asset payment capabilities to the Fireblocks platform, the new payment engine provides a turnkey solution for businesses looking to integrate digital asset operations into existing or new products. Using Fireblocks’ payment engine, PSPs will have a secure platform to deploy new digital asset payment rails, expanding their capabilities to accept, collect, pay, process and settle transactions using digital assets.

“The widespread use of stablecoins has made digital asset-based payments use cases very compelling for payment companies,” said Fireblocks Vice President and Head of Payments Ran Goldi. “Fireblocks new payment engine will allow PSPs to offer and interact with a new generation of payment technologies. We have had the privilege of working alongside the world’s leading PSPs to develop innovative solutions tailored to “aiming for the next generation of payment products and services. We are 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 months ahead.”

With reports anticipating that more than 75% of retailers plan to adopt digital asset-based payment services within the next two years, payment space pioneers such as Checkout.com and FIS have already begun to leverage the payment from Fireblocks to offer merchants the flexibility of 24/7 settlements, increasing cash flow and reducing operational complexity.

“We are excited about the large-scale shift among businesses and consumers to digital payment systems,” said Nabil Manjiboss of Crypto & Web3 at FIS. “Together we will enable crypto-local and traditional businesses accept, manage and settle digital assets so they can choose their preferred currency for doing business. This further builds on our relationship with Fireblocks, where we have previously partnered to provide investment in digital assets and wallet technology to our capital market clients.”

In addition to stablecoin payments, PSPs can use the Fireblocks payment engine to:

  • Cross-border rules of procedure — PSPs can now offer global multinational companies the ability to easily settle their finances in multiple currencies with greater transparency
  • Creator/Seller Payouts — Enable PSPs to offer payments to market participants faster and with more transparency in a way more suitable for micropayments
  • Payments — Allow PSPs to allow their merchants to accept crypto as a payment method with significantly lower processing fees

“Around the world, businesses, organizations, local governments and individual consumers are all strongly embracing new web3 and digital payment technologies,” said Max Rothmanboss of Crypto and digital assets on Checkout.com. “To that end, through Checkout.com’s partnership with Fireblocks’ payment engine, we are able to launch new Web 3 solutions for our customers, such as our Stablecoin Settlement solution launched earlier this year. The result is faster, more affordable and more secure transactions.”

Accessible through its user interfaces and APIs, Fireblocks’ payment engine provides a platform for PSPs to manage their merchants’ money flows simply and securely. Fireblocks is the world’s most valuable digital asset platform, currently valued at $8 billionand has also secured transfers of over $3 trillion in digital assets.

Learn how the Fireblocks Payment Engine can help PSPs build the next generation of digital asset services here: www.fireblocks.com/payments/

About Firewalls
Fireblocks is an enterprise-grade platform providing a secure infrastructure to move, store, and issue digital assets. Fireblocks enables exchanges, lending bureaus, custodians, banks, trading desks, and hedge funds to securely scale digital asset transactions through the Fireblocks network and MPC-based wallet infrastructure. Fireblocks serves over 1,500 financial institutions, has secured the transfer of over $3 trillion in digital assets and has a unique insurance policy that covers assets in storage and in transit. Some of the biggest trading desks have switched to Fireblocks because it’s the only solution that CISOs and Ops teams love. For more information, please visit www.fireblocks.com.

SOURCE Firewall

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