With Payment Engine, PSPs can manage, accept and settle digital asset payment transactions.
Fireblocks, a digital asset custody, transfer, and settlement platform established in 2018, has launched a crypto Payment Engine.
According to the press release, Fireblocks Payment Engine allows payment service providers (PSPs) to “provide a blockchain agnostic, end-to-end solution for merchants, entrepreneurs, and creators to accept, manage and settle digital asset payment transactions across any geography.”
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When talking about its new product, Fireblocks Vice President and Head of Payments, Ran Goldi, noted:
Fireblocks' new Payments Engine will allow PSPs to offer and interact with a new breed of payments 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.
Checkout.com, a global payment solutions provider, was one of the partners helping Fireblocks to launch Payment Engine. It is reported that Checkout.com has already incorporated Fireblocks Payment Engine, offering merchants “24/7 settlement, increasing cash flow, and reducing operational complexity.”
Checkout.com Head of Crypto & Digital Assets, Max Rothman, highlighted:
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.
Moreover, in its press release, Fireblocks highlighted that Payment Engine can be used for cross-border settlements, allowing companies to settle their finances across multiple currencies. On top of that, Payment Engine is a faster and more transparent way to offer creator or seller payouts. Lastly, PSPs can use this Engine to accept crypto as a payment method with significantly lower processing fees.
It is worth noting that earlier this year, Fireblocks acquired payment technology firm First Digital, which allowed the company to explore crypto usage for cross-border payments and money transfers.
