This partnership offers crypto platforms sustainable access to banking and payments rails, simplified and quicker end-user onboarding, and efficient payment operations.
Alloy, the leading Identity Decisioning Platform and transaction monitoring solution for banks and fintech companies, today announced its partnership with Fiat Republic, the fiat-as-a-service platform democratizing access to banking infrastructure for crypto platforms.
Over 300 companies use Alloy’s API-based platform to connect to more than 160 data sources, automate identity decisions during account origination, and monitor them on an ongoing basis. Alloy has helped some of the most innovative banks and fastest growing fintech companies grow and scale operations by allowing them to find more good customers and bring them into their products without increasing their fraud risk.
Alloy believes crypto platforms should take a risk-forward approach to risk and compliance, building crypto products with consumer safety and security in mind. With a strong focus on fraud, Alloy empowers crypto companies to future-proof against shifting regulations and an increasingly complex legal landscape. While traditional financial products solve risk with friction, crypto platforms can forge a new path with financial products like Alloy, designed for transparency and efficiency, enabling safe onboarding for the next billion Web3 users.
Fiat Republic, a Web2.5™ company, was born to serve crypto native platforms, which, up until now, have had access to sub-par, slow, and expensive fiat rails (or no access at all). Fiat Republic believes that fiat access will play a vital role in unlocking crypto to the masses. It’s essential to level up and harmonize compliance standards for crypto platforms to unlock access to tier 1 banks. This is critical to delivering better, more efficient, and sustainable fiat rails.
With Alloy, Fiat Republic’s customers can automate compliance measures, transaction monitoring, and identity decisioning for their end users, ultimately unlocking better and faster fiat rails for crypto with reduced risk. Fiat Republic has built a fiat-as-a-service platform that aggregates multiple banks across jurisdictions, including the UK, Europe, and the U.S, all via a single API. With a strong focus on integrating into local payment schemes, Fiat Republic empowers crypto platforms to benefit from faster and cheaper payment rails for their users to deposit and withdraw funds. With a compliance-first data architecture, its process delivers end-to-end visibility of money flows and radically simplifies payment operations.
Charley Ma, General Manager of Fintech at Alloy, said:
“In today’s regulatory environment, it can be challenging for fintechs to make the jump to crypto without fully understanding how to avoid regulatory repercussions. Fiat Republic shares our mission to make digital finance accessible for everyone, and we look forward to strengthening their cohesive community with identity decisioning that enables crypto platforms to grow without fear of fraud.”
Adam Bialy, Founder and CEO at Fiat Republic, said:
“Crypto platforms desperately need access to reliable banking rails, however they face a number of obstacles. Our vision is to transform fiat access for Web3, delivering a single fiat API that aggregates banks, and provides sustainable access to local payment rails. The opportunity to partner with Alloy, who shares this DNA as a fellow aggregator, was one we’re really excited about. We’re absolutely delighted to power Alloy’s crypto customers with access to better banking for their treasury and end-user needs.”
About Alloy
Alloy helps over 300 banks and fintech companies make safe and seamless fraud, credit, and compliance decisions. Founded in 2015 and backed by leading investors from Lightspeed Venture Partners, Bessemer Venture Partners, and Canapi Ventures, Alloy’s platform connects companies to more than 160 data sources of KYC/KYB, AML, credit, and compliance data through a single API to help create a future without fraud.
About Fiat Republic
Fiat Republic is an EMI-regulated, Fiat-as-a-Service platform that aggregates local fiat rails for crypto platforms via a single API. Fiat Republic enables crypto platforms to easily embed fiat payments into their platform to deliver frictionless pay-in and pay-outs for their users. Fiat Republic built a brand new category, Web2.5; the bridge between Web2 and Web3, which provides the connectivity tissue between banks and crypto platforms needed to accelerate global crypto adoption.