Crypto custodian Fireblocks has officially launched its new Payments Engine for payment service providers (PSPs), following a successful pilot with Checkout.com, the company said in a press release on 24 October.
According to the announcement, the new product — which was made possible through the acquisition of First Digital back in February — will allow PSPs to incorporate new crypto payment rails, enabling businesses to settle and accept digital asset transactions. Payments processor Checkout.com was the first to pilot the Fireblocks Payments Engine, and has already settled around $1 billion in crypto merchant transactions using the solution. The head of crypto and digital assets at Checkout.com, Max Rothman, said in a statement:
“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.”
The Payments Engine was designed to be token-agnostic and allow PSPs to process digital payments quicker and more securely, offering merchants quick access to fiat-to-crypto conversion for payments. The platform also supports cross-border internal settlement, micropayments, and merchant adoption with lower processing fees.
In addition to the official launch, Fireblocks also announced that FIS — the world’s largest merchant acquirer that manages Worldpay — will now be using its new Payments Engine. Earlier this year, Fireblocks partnered with FIS to allow its capital market clients to move, store, and issue digital assets, as well as access a self-custody crypto wallet solution.