Mastercard has integrated its account establishment API with Alchemy Pay, thereby improving the security and risk control features of Alchemy Pay’s On & Off-ramp solutions, NFT Checkout, and Crypto Card Solution.
The objective of this collaboration is to combat identity fraud and other malicious activities by employing sophisticated machine learning to identify and authenticate legitimate users, thereby substantially decreasing fraudulent activities.
Alchemy Pay, a Singapore-based crypto payment conduit, facilitates the exchange of crypto for conventional fiat currencies. Alchemy Pay’s integration with Mastercard enables the company to identify users based on their risk levels and direct them through the appropriate procedures, thereby providing customers with enhanced protection against identity fraud.
Alchemy Pay has experienced substantial growth since its inception in 2017, acquiring Authorized Payment Institution licenses in numerous countries and expanding its network to encompass more than 300 payment channels in 173 countries.
It is compatible with a variety of global payment methods and 50 fiat currencies. Alchemy Pay received a $10 million investment from DWF Labs in April 2023, which values the company at $400 million.
Furthermore, Mastercard collaborated with prominent US institutions to create distributed ledger technology for banking payments, thereby reducing fraud risks and improving cross-border payment efficiency.
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