Australia-based global payments provider Verrency announced on Thursday it has teamed up with currency payments provider Coinify to enable banks to securely offer customers the ability to use virtual currency for payments at any merchant around the global.
Verrency reported that the partnership will allow banks to utilize its middleware platform to integrate virtual currency funding sources and digital wallets with their existing payments rails, without the need for customers to use specially issued prepaid or debit cards. Banks may now offer their customers the ability to make payments anywhere using virtual currency via their existing payments products, such as their physical cards and digital wallets.
“The service works by using Verrency’s high-performance value-added payments technology layer to enable a bank to easily route payments to different funding sources authorised by the bank, such as a custodial or non-custodial wallet containing digital assets. Coinify supports the selection and connection of the wallet infrastructure, which may be either internal or external to the bank.”
Verrency CEO, David Link, further explained the partnership by stating:
“The rapid growth in consumer interest and ownership of virtual currency assets and the rise of virtual trust technologies has been a key trend for the payments sector as a whole over the last decade. As virtual currencies transition in the next few years from being speculative investments into a smaller number of mainstream assets – which will see more government or fiat-backed stable tokens, or even tokens simply as a payment element – it is critical that banks have the technology in place to actually allow the usage of such virtual assets across their existing consumer-centered legacy payments rails. Mainstream usage of tokens or virtual assets will not occur by connecting the merchant-side of the equation – it simply will take too long to achieve ubiquity, without which there will be no significant usage.”
Mark Højgaard, Co-Founder and CEO of Coinify, also commented:
“Coinify is honoured to partner with Verrency and connect our two platforms, which holds a huge potential for crypto adoption. Verrency’s platform that can easily integrate third parties with the existing banking payments infrastructure is a potential breakthrough for the future space of digital currency and mainstream token usage, where established technology titans, such as Facebook’s Libra project, are beginning to explore the possibilities.”
Verrency went on to add the partnership sees Coinify join its V+ partner ecosystem, which facilitates collaboration with fintechs and enables a nearly endless set of hyper-personalizable services including redemption of rewards, facilitation of disbursements, rounding up of payments to savings or charitable destinations, access to installment credit at point of sale, and facilitation of ‘real-time’ sandbox environments.