Worldpay from FIS Eases Navigation of Global Crypto Regulations

Rhea-AI Summary

FIS announces a partnership between Worldpay and Shyft Network to help merchants comply with evolving cryptocurrency regulations. This collaboration will utilize Shyft's Veriscope solution to address the FATF Travel Rule, which aims to combat money laundering in crypto. Worldpay, a leader in Card-to-Crypto processing, serves four of the top five cryptocurrency exchanges and aims to enhance compliance and security within the digital asset ecosystem.

Positive

• Partnership with Shyft Network enhances compliance capabilities for merchants.
• Utilization of Shyft's Veriscope solution simplifies regulatory adherence.
• Leverages Worldpay's existing footprint in the cryptocurrency sector.

Negative

• None.

Key facts

• Worldpay from FIS has partnered with Shyft Network to enable merchants to easily comply with current and evolving regulatory requirements.
• Shyft Network’s infrastructure will keep merchants compliant with evolving Crypto regulation reflected in the FATF (Financial Action Task Force) Travel Rule guidance.
• A leader in Card-to-Crypto processing, Worldpay provides services for 4 of the top 5 cryptocurrency exchanges.

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Financial technology leader FIS^® (NYSE: FIS) announces that its Worldpay from FIS business is helping merchants seamlessly comply with complex web of evolving crypto regulations, all designed to create a secure ecosystem for transactions.

To continue to help merchants easily comply with the evolving regulatory landscape in crypto, Worldpay is partnering with Shyft Network. The partnership will enable Worldpay merchants to utilize Shyft’s Veriscope solution to meet multi-jurisdictional requirements set out by the FATF (Financial Action Task Force) Travel Rule, which targets the anonymity of cryptocurrency transfers and aims to fight money laundering and other financial crime in the cryptocurrency ecosystem.

Nabil Manji, Head of Crypto and Emerging Business, Worldpay from FIS, said: "Worldpay from FIS is thrilled to join the Shyft Network as a federation member. Our partnership with Shyft reflects our ongoing work to support growth in the cryptocurrency sector and our commitment to connecting the world to the digital asset economy, all in a safe and secure manner. We share Shyft's view that effective management of, and adherence to, regulation is key to accelerating retail and institutional adoption of digital assets. We’re excited to embark on this journey with Shyft and enable our clients to safely accelerate their pace of innovation in this space.”

Shyft, a secure blockchain-based digital identity ecosystem, developed Veriscope to simplify data collection and compliance for virtual asset service providers (VASPs), such as crypto exchanges, custodial wallets, and brokerage firms.

Joseph Weinberg, Co-Founder of Shyft Network, added: “We are very excited to work alongside Worldpay from FIS to accelerate the adoption of cryptocurrencies. Regulation and compliance are critical to continued institutional growth, and infrastructure that can enable institutions and merchants to mitigate risks while reaping the benefits these technologies have to offer is crucial to accelerating adoption.”

Worldpay, with the unique geographic breadth and depth of its global cryptocurrency client portfolio, will provide a trusted, industry-leading source of verified data on the Shyft Network Federation. The verified data provided by Worldpay will enhance the quality and reliability of data on the Shyft Network. Worldpay is an experienced Card-to-Crypto processor which provides services for 4 of the top 5 cryptocurrency exchanges, and has recently announced a number of cryptocurrency-focused initiatives in its mission to advance the way the world pays, banks and invests.

About FIS

FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS ranks #241 on the 2021 Fortune 500 and is a member of Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220302005665/en/

Kim Snider, 904.438.6278

Senior Vice President

FIS Global Marketing and Communications

kim.snider@fisglobal.com

Source: FIS

FAQ

What is the recent partnership announcement involving FIS?

FIS announced that its Worldpay business has partnered with Shyft Network to help merchants comply with evolving cryptocurrency regulations.

How will Shyft Network's Veriscope solution benefit Worldpay merchants?

Shyft Network's Veriscope solution will help Worldpay merchants meet multi-jurisdictional regulatory requirements set by the FATF Travel Rule.

What is the significance of the FATF Travel Rule for cryptocurrency transactions?

The FATF Travel Rule targets the anonymity of cryptocurrency transfers, aiming to combat money laundering and enhance security in the crypto ecosystem.

Which cryptocurrency exchanges does Worldpay provide services for?

Worldpay provides services for four out of the top five cryptocurrency exchanges, positioning it as a leader in Card-to-Crypto processing.