Global payments fintech Verrency has partnered with virtual currency payment provider Coinify in a move that will enable banking institutions the ability to offer its customers the ability to use virtual currency for merchant payments globally.
Banks that already utilise Verrency’s middleware platform can now incorporate virtual currency funding sources and digital wallets into their existing payment offerings.
Verrency CEO David Link explained: “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.”
Using Verrency’s payments technology layer enables banks 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.
“Coinify is honoured to partner with Verrency and connect our two platforms, which holds a huge potential for crypto adoption,” said Mark Højgaard, co-founder and CEO, Coinify.
“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.”