Mastercard has teamed up with blockchain provider Alchemy Pay to enhance user verification and prevent fraud within its application process. By integrating Mastercard's advanced machine learning account opening solution, Alchemy Pay aims to authenticate genuine users and mitigate fraudulent activities. Founded in 2017, Alchemy Pay holds various Authorized Payment Institution licenses and recently secured a UK license. The company supports over 300 payment channels and, in April 2023, received $10 million in investment from market maker DWF Labs.
This collaboration comes as Mastercard continues to develop distributed ledger technology to improve cross-border payments and reduce fraud risks.
Source: Binance
Comments