Mastercard integrates API with Alchemy Pay for enhanced security and risk control
Mastercard has integrated its application programming interface (API) for account discovery with Alchemy Pay, enhancing security and risk control features for cryptocurrency to fiat conversion solutions.
This collaboration aims to combat personal data fraud and other malicious activities using advanced machine learning for detecting and verifying the authenticity of real users, significantly reducing the number of fraudulent transactions.
Alchemy Pay, a Singapore-based cryptocurrency payment operator, connects cryptocurrencies with fiat currencies for seamless transactions worldwide.
Alchemy Pay: A Leading Payment Solution
Alchemy Pay is a leading payment solution that offers integration with traditional fiat currencies. Through its partnership with Mastercard, Alchemy Pay is able to identify users based on their risk levels and guide them through appropriate processes, providing enhanced protection against data misuse.
Since its establishment in 2017, Alchemy Pay has expanded significantly, obtaining licenses as an authorized payment institution and expanding its network to over 300 payment channels in 173 countries.
The platform supports 50 fiat currencies and a variety of global payment methods. In April 2023, Alchemy Pay secured investment to further enhance its services and expand its reach worldwide.
The rise of blockchain technology in banking
Blockchain technology is revolutionizing the banking industry, with major players like Mastercard investing millions in its development. Recently, DWF Labs received a $10 million grant for their blockchain research, valuing the company at $400 million.
Partnership for innovation
Additionally, Mastercard has partnered with leading American banks to develop distributed ledger technology for banking payments. This collaboration aims to enhance the efficiency of cross-border payments and reduce the risk of fraud, further solidifying the role of blockchain in the future of finance.
