CFD broker Admirals and crypto exchange Gemini were the latest firms within the industry to adopt debit and credit cards as a tool for customer loyalty and a new revenue stream.
Gemini, the New York-regulated crypto exchange and custodian founded by the Winklevoss brothers, will deploy Alloy’s platform to automate identity decisions and verification for the new Gemini Credit Card.
Alloy facilitates the onboarding process for credit card customers and helps to ensure the right systems are in place to capture and review customer data to reduce exposure to non-compliant account openings.
There’s a critical need to balance approval speed with the ability to meet stringent compliance requirements. Even more so on account of Gemini’s crypto rewards credit card which is regulated under the same KYC/AML protocols as traditional credit cards.
Gemini’s credit card will be available to U.S. residents in every state and accepted wherever major cards are accepted. Every purchase in bitcoin or other crypto will automatically reimburse 3% of the value into cardholders’ Gemini account.
Thomas Harrison, Group Product Manager at Gemini, said: “With the Gemini Credit Card, our goal is to allow people to easily earn crypto on everyday purchases. Alloy’s technology is the identity engine empowering us to meet the same regulatory requirements as traditional credit cards, while also providing a fast and seamless onboarding and underwriting process.”
Alloy’s single API provides access to more than 85 data source products to create an automated KYC/AML process built to scale with demand. During onboarding, the Alloy platform uses the integrated data sources to verify the applicant’s identity.
Once identity is confirmed, Alloy helps determine if the applicant is safe to lend money to and what their credit limit and APR should be based on rules set by Gemini.
Tommy Nicholas, CEO and co-founder of Alloy, commented: “We are excited to be a part of Gemini’s journey to innovate the credit card space and lessen the complexity surrounding compliance. By automating the traditionally manual processes involved in onboarding and underwriting, we can create a seamless experience for Gemini Credit Card applicants while also reducing overall exposure to fraud.”
Admirals’ Debit Card is a Step Towards Becoming a Global Financial Hub
Also launching its branded card is Admirals. The Visa debit card is now available to Admirals clients after first issuing a free virtual card. The physical card is available for €10 but is free for clients whose total wallet balance exceeds €5,000.
The debit card allows Admirals clients to transfer funds from their account wallet and spend returns any way they want. The card can be set up to automatically top-up the balance to maintain a defined amount.
Admirals, formerly known as Admiral Markets, is committed to growing from an FX and CFD broker to a global financial hub. The debit card is one more step in that direction.