Fiserv and PayPal Holdings announced a partnership to build future interoperability between FIUSD and PayPal USD (PYUSD) to allow consumers and businesses to move funds domestically and internationally.
Combining the global reach of Fiserv and PayPal across banking, consumer, and merchant payments, interoperability will allow both firms to further expand the use of stablecoins and programmable payments around the globe.
“Our expanded relationship with PayPal furthers our mission to scale stablecoin-powered payments—leveraging our position at the intersection of banking and commerce to build more efficiency and optionality into the payments ecosystem,” said Takis Georgakopoulos, COO at Fiserv.
The two companies will strive to identify key opportunities for integrating FIUSD and PYUSD into payment flows, including cross-border transactions, payouts, and merchant solutions. The partnership underscores both companies’ commitment to driving innovation in the financial services industry and empowering businesses and consumers with cutting-edge payment technologies.
“Businesses around the globe face common problems. They don’t receive funds fast enough, they are combating inflation, and many face currency value fluctuations. Blockchain-based technology solves many of these challenges by enabling faster transfers, at any time of day, nearly anywhere around the globe,” said Frank Keller, Executive Vice President at PayPal.
“Together with Fiserv, we will help bridge the gap between traditional financial systems and new technologies, enabling faster, more cost-effective, and globally accessible payment options for merchants.”
Fiserv also announced its development and launch of FIUSD, a bank-friendly stablecoin that will enable financial institutions of all sizes to offer next-generation banking solutions to their consumer and commercial clients.
Source: itnewsafrica
