By Darren Parkin
Blockchain platform Fireblocks has launched its Payments Engine suite.
The suite’s tools are designed to enable payment service providers (PSPs) with the ability to provide a blockchain agnostic, end-to-end solution for merchants, entrepreneurs and creators to accept, manage and settle digital payment transactions.
Early pilot partner Checkout.com, instrumental in supporting the development of the tools, has facilitated more than $1 billion in digital asset merchant settlements through its solution this year. Today, with the launch of the new engine, Fireblocks is also bringing on board FIS – the largest merchant acquirer in the world.
FIS and its Worldpay solutions already provide card-to-crypto processing services for four of the top five cryptocurrency exchanges and was the first global merchant acquirer to offer USDC settlements. Together, the payment services providers collectively serve more than a million merchants around the world.
“In the last several years, critical work has been done in the space to address pieces of the payments system,” said Michael Shaulov, CEO of Fireblocks.
“From stablecoin settlement to cross-border payments to pay-outs 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.”
Ran Goldi, Fireblocks’ Vice President and Head of Payments explained the widespread use of stablecoins had 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 payments technology,” he said.
“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.”
Some reports are already anticipating that more than 75% of retailers plan to adopt digital asset payment services within the next few years – a sentiment that has left Nabil Manji, Head of Crypto & Web3 at FIS, 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,” he said.
“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.”
Max Rothman, Head of Crypto and Digital Assets at Checkout.com, added: “Across the globe, businesses, organizations, local governments, and individual consumers are all emphatically embracing new Web3 and digital payments technologies.
“To that end, through Checkout.com’s partnership with Fireblocks’ Payments Engine, we are able to pioneer new Web 3 solutions for our clients, such as our Stablecoin Settlement solution launched earlier this year. The result is faster, more affordable, and more secure transactions.”
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