The Cardano Foundation has partnered with COTI, an enterprise-grade financial technology company in a bid to develop an ada payment gateway. The information was made available by the foundation via its blog post on October 23, 2019, stating that this venture when launched would enable near instant settlement 35 fiat currencies.
The project which is due for launch in November would allow merchants to accept ada payments directly into their local bank accounts without unnecessary time lag. The development and implementation service would be undertaken by COTI with the objective of making ada payments simple.
When deployed, merchants would be able to accept the digital currency in real time with a simple integration on their sites with an adaPay button or a QR-based point of sale (PoS) system.
Speaking on the collaboration, the CEO of COTI, Shahaf Bar-Geffen said:
“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 take advantage of COTI’s Universal Payment Solution 60 (UPS) to power the ada payment gateway offering and further extend the utility use case for the token in the quest to extend the adoption of the coin – both inside and outside of the Cardano ecosystem.
The COTI UPS will provide a complete suite of ada payment solution that will combine all existing support systems of traditional payment processors with the added value of digital assets. The company would also incorporate debit card issue and lending services made available to merchants.