Mastercard has reportedly integrated its account opening API into Alchemy Pay , enhancing security measures and risk management for various Alchemy Pay features including On and Off-ramp solutions, NFT Checkout, and Crypto Card Solution. Combating Fraud The collaboration aims to combat identity fraud and other malicious activities using advanced machine learning for user detection and authentication, significantly lowering instances of fraudulent behavior. Alchemy Pay, headquartered in Singapore, serves as a crypto payment gateway linking cryptocurrencies with traditional fiat currencies. Integration with Mastercard enables Alchemy Pay to assess user risk profiles and steer them through appropriate procedures, providing heightened safeguards against identity fraud. Looking Ahead Established in 2017, Alchemy Pay has expanded considerably, securing Authorized Payment Institution licenses across multiple countries and extending its network to encompass over 300 payment channels across 173 countries. For further details, Mastercard has partnered with leading US banks to advance distributed ledger technology for banking payments, thereby boosting efficiency in cross-border payments and reducing fraud risks.
