More than 130 PSPs and 56,000 merchants can now accept Bitcoin payments, meeting the need for AML compliance
Payment21® and ACI Worldwide today announced a strategic collaboration enabling payment service providers (PSPs) to offer merchants anti-money laundering (AML)-compliant Bitcoin acceptance via ACI’s UP eCommerce Payments solution. ACI’s network of more than 130 PSPs, serving more than 56,000 merchants, can now accept Bitcoin payments as a result.
Payment21.com is the first regulated Bitcoin payment processor with a strong focus on the compliance needs of enterprise-level businesses and the legal prerequisites of their banking partners. The award-winning Bitcoin cashier system provides AML-compliant cryptocurrency transactions, designed to meet the needs of eCommerce merchants and multinational corporations with specific regulatory requirements. This approach makes Bitcoin a viable solution for publicly-traded companies, licensed gaming enterprises, concessionary wireless network providers, and authorised investment funds.
ACI’s UP eCommerce Payments solution provides connectivity to a global network of more than 350 card acquirers and alternative payment methodsvia a single technical integration with a RESTful API. ACI’s collaboration with Payment21.com allows PSPs and merchants to quickly and easily add Bitcoin payments to their checkout pages, without additional integrations. The solution includes inbound payments and payouts in Bitcoin offering real-time settlement capabilities on a global scale, which accelerates merchant cash flow.
“Our relationship with ACI Worldwide allows us to achieve scale by enabling AML-compliant bitcoin acceptance for more than 130 PSPs globally,” added Bernhard Kaufmann, general manager, Payment21.com. “With Payment21, PSPs and merchants are able to meet Know-Your-Customer (KYC) rules in European and international jurisdictions, as the Bitcoin cashier system caters to global KYC-regulations. This, together with no chargeback risk, makes enabling Bitcoin payments an effective solution for merchants that are seeking to address traditional points of friction—including delays and costs associated with cross-border payments.”
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
“We have teamed up with Payment21.com so that our PSP clients will be able to offer AML-compliant bitcoin payments all without exposing their merchants to price volatility,” explained Andy McDonald, vice president, ACI Worldwide. “ACI strives to remove the complexity from payments and streamline cross-border eCommerce. The addition of Payment21.com’s cryptocurrency processing services to our network is another milestone in the ongoing expansion of our global network.”
The UP eCommerce Payments solution combines the extensive global reach of the ACI PAY.ON Payments Gateway, which provides technical connectivity to more than 350 alternative payment methods and card acquirers, with integrated ACI ReD Shield real-time fraud management.