CEX.IO has selected financial technology leader FIS to provide card management and processing services for a new line of crypto-based consumer cards across Europe.
The cryptocurrency exchange plans to launch debit cards for its customers in a way it ties traditional debit capabilities to modern cryptocurrency accounts, expanding the existing payment gateway and global acquiring relationship.
The global cryptocurrency exchange utilizes Worldpay from FIS’ payment gateway and global acquiring services. The FIS Debit & Prepaid Platform will handle purchase authorization, risk management, and regulatory compliance.
Kelly Beatty, Head of Payment Solutions at FIS, said: “As cryptocurrencies continue to gain mainstream adoption, consumers are increasingly seeking simple, convenient payment methods for making crypto-based purchases using cards and other familiar financial products. We’re delighted to expand our relationship with CEX.IO to help them provide exciting new card options to their customers and support their continued growth.”
Konstantin Anissimov, Executive Director at CEX.IO, commented: “FIS and Worldpay have proved to be a trusted and reliable technology partner and we are thrilled to have expanded our relationship with them. Their expertise and industry know-how will help us simplify our business operations and help us seamlessly introduce virtual and physical cards to our customers.”
FIS has recently launched a new chargeback indemnification service designed for cryptocurrency brokers and exchanges. Worldpay’s Fraud Freedom service helps crypto brokers and exchanges optimize payment conversion and authorization rates while providing indemnification from Forter, the leading eCommerce fraud prevention provider.
Powered by Forter, the new AI-driven Fraud Freedom service helps crypto brokers and exchanges to deliver a secure, frictionless experience for their customers while minimizing fraudulent transactions, by identifying malicious actors throughout all points of the customer journey and prevent them from making fraudulent purchases, trades, or distributions of cryptocurrency. The highly automated solution leverages real-time learning from across Forter’s network to update its fraud models.
Worldpay was acquired by FIS in early 2019 in a cash and stock deal that values the company in $43 billion. FIS’s current shareholders will own 53 percent of the combined company, and Worldpay’s investor will hold the remaining 47 percent. Following the acquisition, both companies will have approximately $12.3 billion in pro forma 2018 annual revenue. According to a report by Boston Consultancy Group, the revenue in the payments industry is projected at $2.7 trillion by 2027. The combined entity would serve the high growth e-commerce industry, and when the deal is completed, it would become the biggest in the data processing and payments industry.
