Alchemy Pay, a cryptocurrency payment service provider, has announced integration of the Mastercard API. This move aims to simplify the registration process and effectively detect fraudulent activities. The integration is part of Alchemy Pay’s efforts to strengthen risk controls and improve the security of the platform.
Founded in 2017, Alchemy Pay has received Authorized Payment Institution licenses in a number of countries including the US, Canada, Indonesia and Lithuania. The company recently received a license in the UK, reflecting its expertise in the cryptocurrency payments sector.
In early May, Mastercard joined US banking giants to develop distributed ledger technology for bank payments using tokenization. The initiative involves testing a common ledger system known as the Regulated Settlement Network (RSN) and aims to improve the efficiency of cross-border payments while minimizing errors and fraud risks.
Image: Alchemy Pay