The Payments Engine provides a turnkey solution for businesses that want to integrate digital asset operations into existing or new products. More specifically, the system provides a secure platform to deploy new digital asset payment rails, which helps PSPs expand their capabilities to accept, collect, payout, process and settle transactions using digital assets.
Aside from stablecoin settlements, PSPs can also use the digital assets payment engine for cross-border internal settlements, creator/seller payouts, and payins. In essence, the solution allows PSPs to help global, multinational companies to settle finances across multiple currencies with better transparency. It also allows them to offer payouts to marketplace participants faster and with more transparency in a way that is more suited to micropayments. In the case of payins, PSPs can leverage the Payments Engine to allow their merchants to accept crypto as a payment method with lower processing fees.
The launch follows Fireblocks’ acquisition of First Digital, which brought specialised digital asset payments capabilities to the platform. The Payments Engine first went through a pilot phase led by payments processor Checkout.com, which used the platform to settle more than USD 1 billion in digital asset merchant settlements according to the official press release.
Moreover, Fireblocks has now welcomed merchant acquirer FIS into its network of partners using the Payments Engine. FIS manages Worldpay, a payment processing company that it acquired in 2019.
According to a survey conducted by Deloitte in December 2021, 75% of respondents were planning to accept both stablecoin and cryptocurrency payments within 24 months. In this context, Checkout.com and FIS have already begun leveraging Fireblocks’ Payments Engine to offer merchants capabilities such as 24/7 settlement thus increasing cash flow and reducing operational complexity.
Officials from Fireblocks have stated in the company press release that the payments system must be addressed holistically, especially in the context of digital assets gaining more traction in mainstream technologies and the global economy.
Fireblocks also partnered with FIS in April 2022 in order to enable firms of all types to access crypto trading venues, liquidity providers, lending desks, and decentralised finance (DeFi) applications.
Following the partnership, FIS capital markets clients were able to move, store, and issue digital assets, and gain access to self-custody digital asset wallet technology, an asset transfer network, and tools to access staking, DeFi, and other more advanced forms of digital asset exposure.
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