Verrency and Coinify partnership a ‘game changer’

By partnering with Coinify, Verrency is now able to enable banks to offer their customers virtual currency and token usage.” And the use of existing …

Verrency and Coinify are teaming up to enable customers to spend virtual currency via banks’ existing payment cards.

Consequently, banks can offer customers the ability to use virtual currency at any merchant.

Specifically, the partnership empowers banks utilising Verrency’s middleware platform to integrate virtual currency funding sources and digital wallets. Moreover they can do so within their existing payments rails.

At the same time, it avoids the need for customers to use specially issued prepaid or debit cards.

Instead, customers can make payments anywhere using virtual currency via existing payments products, including their physical cards and digital wallets.

The service uses Verrency’s high-performance value-added payments technology layer. And so a bank can route payments to different funding sources authorised by the bank. This includes 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.

Verrency and Coinify partnership a ‘game changer’

Verrency CEO David Link says that the partnership is a game changer. In particular, it will increase the utility of token-based assets among major financial institutions.

“Virtual currencies are transitioning in the next few years from being speculative investments into a smaller number of mainstream assets.

“This will see more government or fiat-backed stable tokens, or even tokens simply as a payment element. So it is critical that banks have the technology in place to actually allow the usage of such virtual assets.”

He adds that it is crucial that this runs across bank’s consumer-centred 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. By partnering with Coinify, Verrency is now able to enable banks to offer their customers virtual currency and token usage.”

And the use of existing debit and credit cards means that banks avoid costly infrastructure overhaul.

Verrency capital raising

Payment innovation fintech Verrency is headquartered in Melbourne.

Verrency’s API platform provides an overlay to legacy infrastructure. This enables banks to upgrade their customer offerings with digital services including auto-rounding, real-time budgeting notifications and instant loyalty rewards.

In June, Verrency raised A$10m in funding ahead of planned international expansion.

Verrency clients include Emirates NBD and Australian digital challenger Volt.

Virtual currency payment provider Coinify is headquartered in Denmark.

2e83c1df591eac268536f94801809666f6703c8f - Verrency and Coinify enable virtual currency spend at any merchant

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Verrency and Coinify Partner to Enable Bank Customers to Spend Virtual Currency at Any …

Global payment innovation leader Verrency, and Coinify, a leading virtual currency payment provider, have today announced a new partnership …

MELBOURNE, Australia and COPENHAGEN, Denmark–(BUSINESS WIRE)–Aug 8, 2019–

Global payment innovation leader Verrency, and Coinify, a leading virtual currency payment provider, have today announced a new partnership enabling banks to securely offer their customers the ability to use virtual currency for payments at any merchant around the world.

The partnership will empower banks utilising Verrency’s middleware platform to integrate virtual currency funding sources and digital wallets with their existing payments rails, without the need for customers to use specially issued prepaid or debit cards. Instead, banks can offer their customers the ability to make payments anywhere using virtual currency via their existing payments products, such as their physical cards and digital wallets.

The service works by using Verrency’s high-performance value-added payments technology layer to enable a bank 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.

Verrency CEO David Link, who was also appointed as an advisor to Ripple in early 2016, said the partnership is a gamechanger for the beginning of increased utility of token-based assets among major financial institutions.

“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,” Mr Link said. “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.”

“By partnering with Coinify, Verrency is now able to enable banks to offer their customers virtual currency and token usage via their existing debit and credit cards without engaging in a costly infrastructure overhaul.”

“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 of 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.”

Verrency’s platform is a high-performance bank-grade technology layer and API platform that fits on top of a processor’s, bank’s or digital wallet’s existing infrastructure, enabling them to rapidly deliver enhanced services and products around the moment of payment without changing their existing technology.

The partnership sees Coinify join Verrency’s V+ partner ecosystem, which facilitates collaboration with Fintechs and enables a nearly endless set of hyper-personalizable services including redemption of rewards, facilitation of disbursements, rounding up of payments to savings or charitable destinations, access to installment credit at point of sale, facilitation of ‘real-time’ sandbox environments, and many more.

This announcement comes as Facebook’s proposed virtual currency, Libra, has reinvigorated discussion around the potential for virtual currencies and fiat-backed tokens to become a more mainstream part of global payments infrastructure.

About Verrency

Verrency empowers banks and other financial institutions to quickly, cost-effectively and reliably deliver innovative new products and services to consumers and business partners around their most important interaction – the moment of payment. Verrency’s high-performance bank-grade technology layer works behind the scenes to enable a nearly endless range of value-added services for a bank’s customers quickly and easily without major changes to existing payments infrastructure or the need to integrate to point-of-sale systems. Verrency also enables rapid connection to third-party services via its FinTech ecosystem with little to no integration. For more information, see www.verrency.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190808005279/en/

CONTACT: For More Information:Verrency Danya Al-Qattan

Sard Verbinnen & Co

Dal-Qattan@sardverb.com

+1 212 687 8080Ron Low

Sard Verbinnen & Co

Rlow@sardverb.com

+852 3842 2200Jonathan Costello

GRACosway

JCostello@gracosway.com.au

+61 424 096 770

KEYWORD: EUROPE AUSTRALIA AUSTRALIA/OCEANIA DENMARK

INDUSTRY KEYWORD: TECHNOLOGY FINANCE BANKING PROFESSIONAL SERVICES SOFTWARE RETAIL ONLINE RETAIL

SOURCE: Verrency

Copyright Business Wire 2019.

PUB: 08/08/2019 03:00 AM/DISC: 08/08/2019 03:01 AM

http://www.businesswire.com/news/home/20190808005279/en

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Hans Henrik Hoffmeyer: Regulators are keenly aware that this is a paradigm shift

For instance, the EU has agreed to update its existing anti-money laundering directive to include virtual currencies and cryptocurrencies.

There’s general recognition in the cryptocurrency world that if crypto is to achieve its potential, it needs to work closely with regulators. One of those trying to make regulation useful to crypto and crypto acceptable to regulators is Hans Henrik Hoffmeyer, COO of the Copenhagen fintech company Coinify.

Hans is bullish about his discussions with EU officials and politicians. “Most of the regulators I meet nowadays are keenly aware that this is actually a paradigm shift,” he says. There is “a profound understanding of this technology, and the implications and potential.”

That level of engagement and comprehension is new: “It has completely changed, and I have been surprised by the speed.” Hans says the EU is “keenly aware that if they apply a regulatory framework which is very hostile, then the business will in principle just move elsewhere.”

For instance, the EU has agreed to update its existing anti-money laundering directive to include virtual currencies and cryptocurrencies. And companies like Coinify will now be registered with their national financial services authority. That’s “hugely important for the industry,” Hans says.

Coinify is a payment gateway, working with payment service providers to act as “the bridge between the traditional financial world and the new, emerging world of virtual currencies.” It specialises in helping people from the financial industry to get involved in cryptocurrencies and likes to think of itself as a “Mastercard for virtual currencies.” In other words, it acts as an intermediary between a customer and a retailer, allowing transactions to take place in different currencies—just as a credit card holder may have their account in pounds sterling or euros but is still able to use the card in the USA, to pay for something in dollars.

Currently, Coinify accepts around 15 different cryptocurrencies, and offers transactions online, where Hans says the company has “very good traction.” It’s now also working with prototype systems to test ways of offering its services in physical stores.

For bigger merchants, Coinify offers a simple interface, a bit like Worldpay’s. But the majority of merchants work with Coinify through their existing payment service providers, which makes it simple for the merchant to add virtual currencies to their existing payment methods.

Hans says there have never been so many ways to pay for something—which may be good news for the likes of Coinify, allowing it to play a useful role in simplifying a complex range of choices for merchants and customers. Part of what Coinify offers is to take the risk associated with accepting volatile currencies on behalf of the merchant and the payment service provider.

Now Coinify is adding Bitcoin SV (BSV) to the cryptocurrencies it supports—although Han stresses that the business is “blockchain agnostic.” But with BSV, “the attention that is given to the regulatory compliance side and to ensure transparency is something that we appreciate.”

Coinify doesn’t actually hold any currency—which makes it different from an exchange, which would be required to hold currency in order to carry out its business. Indeed, in its transactions, Coinify finds the best price by comparing between different exchanges to optimise deals for its customers.

Another part of Coinify’s business is closer to the end user. It gives wallet providers the chance to offer cryptocurrencies to their users without leaving the wallet. It’s called “in-wallet buy and sell.” It’s all part of Coinify’s efforts to make life simpler for its customers, many of whom may not be familiar with the new world of virtual and cryptocurrencies: “unless we help everybody from the past to be onboarded,” says Hans, “then we will fail.”

Listen to more from Hans Henrik Hoffmeyer on the latest CoinGeek Conversation podcast:

Please subscribe to CoinGeek Conversations – this is episode 6 of a weekly podcast series. Just search for “CoinGeek Conversations” wherever you get your podcasts, subscribe on iTunes or listen on Spotify.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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Bitcoin SV To Be Accepted On Coinify

The result of the Bitcoin Cash hard fork which came into the market in November 2018 will now be accepted by the payment provider who also …

The cryptocurrency payment provider, Coinify is now going to be accepting Bitcoin SV. The result of the Bitcoin Cash hard fork which came into the market in November 2018 will now be accepted by the payment provider who also mentioned that SV will be accepted both directly and after converting it to a fiat currency.

The newly formed cryptocurrency and the people who back it advocates increase adoption of the coin as they boast that it is the only cryptocurrency that is based on the original Bitcoin protocol. As reported by AMB Crypto, one of the main aims for Bitcoin SV has always been the creation of a single global currency infrastructure and the partnership with Coinify will help them reach that end goal.

Through this newly founded partnership, the usage of Bitcoin SV can be pushed in both online and retail portals, therefore increasing adoption.

The founding president of the bComm Association, Jimmy Nguyen is a big supporter of the Bitcoin SV proponent. Talking on the topic, Nguyen said, “As somebody who has used Coinify personally, I think it’s a huge step forward in the development of BSV that such a respected payment portal has added the original Bitcoin to its portfolio.”

The bComm president went onto say that the partnership will enable the team behind Bitcoin SV to have ‘flick the switch’ solutions based on the cryptocurrency to online merchants.

The co-founder and CEO of Coinify, Mark Højgaard said:

“Virtual currencies need to have widespread merchant adoption to really ignite on a mainstream level, and we believe that the simplicity and flexibility of our payment product range makes this possible. Adding BSV as a virtual currency helps us ensure we have the most comprehensive range of options for both merchant and customer.”

The founder of Ayre Group, Calvin Ayre is a big backer of the Bitcoin SV project and in light of the implementation, he has announced that he is looking to migrate from BitPay to Coinify. Taking to Twitter, Ayre said, “I am ordering my team to stop using bitpay and to switch everything to coinify!”

Even though the increasing integration of Bitcoin SV, some users aren’t satisfied with what they see as “middlemen” in the cryptocurrency realm. “They advocate an intermediary fee financial transfer process build on cryptocurrencies”.

What are your thoughts? Let us know what you think down below in the comments!

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Bitcoin SV [BSV] activated on Coinify; Calvin Ayre announces migration from Bitpay

Coinify, a cryptocurrency payment provider, is now accepting Bitcoin SV [BSV], the Bitcoin Cash hardfork that came into the market only in November …

Coinify, a cryptocurrency payment provider, is now accepting Bitcoin SV [BSV], the Bitcoin Cash hardfork that came into the market only in November 2018. Coinify also mentioned that BSV will be accepted both directly and after converting it to a fiat currency.

Bitcoin SV and its proponents advocate increased adoption of the coin as they tout it to be the only cryptocurrency that is based on the original Bitcoin protocol. The goal of the BSV camp has always been the creation of a single international currency infrastructure and the partnership with Coinify will propel them closer to that goal.

Through this partnership, Bitcoin SV’s usage can be pushed in both online and retail portals, thereby increasing adoption.

Jimmy Nguyen, the founding president of bComm Association, and a massive BSV proponent, said:

“As somebody who has used Coinify personally, I think it’s a huge step forward in the development of BSV that such a respected payment portal has added the original Bitcoin to its portfolio.”

Nguyen further added that this partnership will allow the Bitcoin SV team to allow ‘flick-off the switch’ solutions based on the cryptocurrency to online merchants.

Mark Højgaard, the co-founder and CEO of Coinify, said:

“Virtual currencies need to have widespread merchant adoption to really ignite on a mainstream level, and we believe that the simplicity and flexibility of our payment product range makes this possible. Adding BSV as a virtual currency helps us ensure we have the most comprehensive range of options for both merchant and customer.”

Calvin Ayre, the founder of the Ayre Group and one of the main backers behind the Bitcoin SV project, in light of the integration, announced that he is looking to migrate from Bitpay to Coinify.

He tweeted:

“I am ordering my team to stop using bitpay and to switch everything to coinify!”

Despite the increasing integration of Bitcoin SV, some users are not satisfied with what they see as “middlemen” in the cryptocurrency realm. They advocate an intermediary free financial transfer process build on cryptocurrencies.

Referencing the above a Twitter user replied to Calvin Ayre, stating:

“Wait, wait, wait. I thought cryptos eliminated fee-charging middlemen? Bitpay and Coinify charge such high fees they make banks and credit card companies look like saints. Crypto is a huge joke.”


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