FIS, a US multinational corporation that offers a wide range of financial products and services, on Wednesday announced that its subsidiary business, Worldpay, has selected the Shyft Network, as part of its commitment to help its merchants comply with cryptocurrency-related regulations designed to build a secure transaction ecosystem.
The partnership will enable Worldpay’s clients (merchants, companies, and businesses) to use Shyft’s Veriscope solution to meet multi-jurisdictional requirements set out by the FATF (Financial Action Task Force) Travel Rule.
The FATF Travel Rule targets the anonymity of crypto transactions and transfers and focuses on fighting money laundering and other financial crime in the crypto ecosystem.
Shyft created the Verified Shyft Compliant Optimized Participant Exchange (Veriscope) to enhance data collection and compliance for custodial wallets, cryptocurrency exchanges, brokerage companies, and other virtual asset service providers (VASPs).
Worldpay, which offers card-to-crypto processor services to the majority of major crypto exchanges, will become a member of the Shyft Federation. Worldpay platform will be powered by Shyft’s Veriscope solution to validate transactions and provide data attribution.
Nabil Manji, head of crypto and emerging business at Worldpay, talked about the development and said: “Worldpay from FIS is thrilled to join the Shyft Network as a federation member. Our partnership with Shyft reflects our ongoing work to support growth in the cryptocurrency sector and our commitment to connecting the world to the digital asset economy, all in a safe and secure manner.”
Meanwhile, Joseph Weinberg, co-founder of Shyft Network, also commented about the partnership and stated: “We are very excited to work alongside Worldpay from FIS to accelerate the adoption of cryptocurrencies. Regulation and compliance are critical to continued institutional growth, and infrastructure that can enable institutions and merchants to mitigate risks while reaping the benefits these technologies have to offer is crucial to accelerating adoption.”
Enhancing Financial Services
While digital finance has facilitated cross-border transactions, it has made the monitoring of transactions more complex for financial institutions and competent authorities.
As part of efforts to reshape the financial sector, FIS is working hard on know-your-customer (KYC) rules to meet the standards set out by the FATF.
Headquartered in Florida, FIS has continued to be a leading provider of technology solutions for banks, merchants, and capital markets firms across the world.
In April last year, FIS expanded its payment processing capabilities into the rapidly growing markets of Nigeria, Malaysia, and South Africa. FIS obtained a domestic acquiring license in Malaysia to provide its Worldpay payment processing platform. In Nigeria and South Africa, FIS is providing domestic payment processing services through its partnership with payments technology company Flutterwave.
Through its Worldpay product portfolio, FIS processes billions of transactions every year across 146 countries and more than 300 payments types in 126 currencies.