The Cardano Foundation and COTI, an enterprise-grade fintech platform, are to develop an ada payment gateway. The offering will allow merchants to accept ada payments with a near instant settlement into 35 fiat currencies directly into their bank accounts.
COTI is developing and implementing the service, making the ada payment gateway solution simple to deploy for merchants. The payment solution will be easily integrated directly into merchant’s website either with an adaPay button or a QR-based point of sale (PoS) system. The offering will simplify accepting and settling ada payments, and enable merchants to manage all transactions in real-time.
Shahaf Bar-Geffen, CEO of COTI, says:“We are pleased to team up with the Cardano Foundation in building a unique payment solution for merchants seeking adaPay checkout functionality. We have a lot to the mutual trust and support between the Cardano ecosystem partners and COTI. This joint effort is one of the first steps we are taking in delivering a truly universal payment solution and expanding the COTI tech stack beyond our own ecosystem. The ways people exchange value is changing for the better, and the future is looking more promising for payments.”
The Cardano Foundation will leverage COTI’s Universal Payment Solution 50 (UPS) to power the ada payment gateway offering and further extend the utility use case for the token – both inside and outside of the Cardano ecosystem. The COTI UPS will provide a comprehensive ada payment solution that will combine all existing support systems of traditional payment processors with the added value of digital assets.
As COTI UPS is extended to provide other financial services, such as lending products and prepaid debit cards, these will also be made available to ada merchants.