Payments Giant FIS Worldpay Joins Shyft’s Crypto Compliance Network

First of all,let me explain What is a Worldpay card ? Worldpay from FIS is a merchant service provider that supplies small businesses with merchant accounts. A merchant account is a special type of bank account that’s required to accept credit and debit card payments from customers. … This means as your business grows, it won’t outgrow Worldpay. Worldpay from FIS, the world’s largest payments processor, has partnered with the Shyft Network, a digital identity system designed to bring the cryptocurrency industry in line with global anti-money laundering (AML) rules. so what exactly Shyft is ? Shyft is the money app that gives you more for less, 24/7. Buy forex instantly anytime, anywhere, and at the best rates, and invest in the top U.S. stocks and ETFs directly from your phone. Get the app.

Ok ,let get down to business for today’s topic.Weinberg views FATF’s travel rule as the beginnings of a broader decentralized identification architecture, but its first phase, which is being enormously bolstered by the likes of DLA Piper and Worldpay, is essentially about onboarding VASPs.

“It’s about how we bridge the crypto world and the traditional world,” said Weinberg. “Having institutions like DLA Piper or Worldpay being able to cross-verify these types of entities really helps establish on-chain trust in ways that we’ve never seen before.” you might ask What does DLA Piper stand for?

DLA Piper is a leading, full-service business law firm, specialising in corporate (including M&A and capital markets), employment, finance & projects, intellectual property & technology, litigation & regulatory, real estate, restructuring and tax. the firm was then known as Dibb Lupton Alsop until around the year 2000, when the name was shortened to DLA. It is now known internationally as DLA Piper, the fourth largest law firm (by revenue) in the world.

Worldpay will run some of the federated nodes used by the Shyft Network to verify transactions and provide data attribution, but it also participates in Shyft’s [Veriscope] travel rules solution which is a smart contract layer on top of the network.