Mastercard brings its account opening API integration system with Alchemy Pay’s product range to provide more security and prevent identity fraud.
Through its collaboration with blockchain provider Alchemy Pay, the payments colossus Mastercard is addressing the critical issue of identity fraud and mitigating other malicious practices. Alchemy Pay is a fit-to-crypto solution, known as a payment gateway that seamlessly connects traditional fiat currencies with crypto for businesses, end consumers, and developers.
The Singapore-based crypto firm asserted that this partnership will enable it to incorporate Mastercard’s sophisticated machine learning account opening solution, enabling it to identify and verify “authentic users” while substantially decreasing fraudulent activities. Alchemy Pay specified in its press release:
“In partnership with Mastercard, Alchemy Pay can identify users based on their risk levels and guide them through corresponding workflows.”
Integrating Mastercard’s account opening API enhances the security and risk control features of Alchemy Pay’s product line, including the Crypto Card Solution, NFT Checkout, and On & Off-ramp solutions. This sophisticated feature provides Alchemy Pay customers with enhanced protection against identity fraud and reduces the likelihood of malicious activities.
The Development of Alchemy Pay
Alchemy Pay has experienced consistent growth since its inception in 2017 due to the acquisition of Authorized Payment Institution licenses in various jurisdictions, including the United States, Indonesia, Lithuania, and Canada. Alchemy Pay was also granted a license in the United Kingdom due to its proficiency in the crypto payment sector.
Alchemy Pay’s ramp payment network has expanded to include more than 300 payment channels in 173 countries. Additionally, the platform supports 50 fiat currencies. This solidifies Alchemy Pay’s position as a pioneer in providing solutions that improve the mainstream accessibility of fiat payments for crypto and Web3 services. Additionally, Alchemy Pay facilitates diverse global payment methods, such as local bank transfers and popular regional mobile wallets customized for particular regions.
Last April 2023, Alchemy Pay received $10 million in investment from market maker DWF Labs at a valuation of $400 million. Alchemy Pay has collaborated with other payment titans, including Visa, in addition to Mastercard.
Mastercard collaborated with prominent US institutions in early May to create distributed ledger technology for banking payments through tokenization. This initiative involves the evaluation of the Regulated Settlement Network (RSN), a shared ledger system, to enhance the efficacy of cross-border payments and mitigate fraud and error risks.
