FIS Partners With Shyft Network for Improved Crypto Reg Compliance

FinTech platform FIS on Wednesday (March 2) said its Worldpay division has partnered with blockchain-based digital identity company Shyft Network as part of an effort to help merchants comply with cryptocurrency-related regulations focused on creating a secure transaction ecosystem.

Worldpay’s partnership with Shyft Network “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,” according to the company press release.

The FATF Travel Rule “targets the anonymity of cryptocurrency transfers and aims to fight money laundering and other financial crime in the cryptocurrency ecosystem,” the release said.

“Worldpay from FIS is thrilled to join the Shyft Network as a federation member,” said Nabil Manji, head of crypto and emerging business at Worldpay. “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,” he said.

Shyft developed the Verified Shyft Compliant Optimized Participant Exchange (Veriscope) to improve data collection and compliance for crypto exchanges, custodial wallets, brokerage firms and other virtual asset service providers (VASPs).

“We are very excited to work alongside Worldpay from FIS to accelerate the adoption of cryptocurrencies,” said Joseph Weinberg, co-founder of Shyft Network. “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.”

Related: FIS Plans Expansions Into New Markets, Locations in 2022

On its quarterly earnings call in mid-February, FIS touted its expansion into new countries in 2021 and said it plans to keep expanding this year.

FIS has also recently bought embedded payment company Payrix to bolster its eCommerce offerings and embedded finance capacities.