18 August 2017
Find out more

Bitnet taps BlockCypher to cut risks in accepting bitcoin

16 July 2015  |  2486 views  |  0 Source: Bitnet

Bitnet, an enterprise bitcoin payments processor, today announced that they have selected BlockCypher, a blockchain web services company, as a key data provider to help Bitnet mitigate the risk for merchants in accepting bitcoin payments.

Bitnet’s new ‘Instant Approval’ service addresses the challenge faced by merchants of waiting for bitcoin transactions to be confirmed on the blockchain. This process can take over an hour if merchants require guarantees from their payment processor that transactions will be settled.

Drawing on the long industry experience of their team in managing online payment risk for merchants, Bitnet has built a solution that calculates the probability of whether a bitcoin transaction will ultimately confirm on the blockchain. Significantly, Bitnet takes financial liability for that decision. The ‘Instant Approval’ service relies on a number of data points, crucial to which are BlockCypher’s double-spend detection and transaction propagation metrics.

The new ‘Instant Approval’ service enables merchants to accept bitcoin within their existing checkout flows that are typically built around accepting card payments, where authorizations that guarantee funds are provided within seconds.

“We are delighted to work with Bitnet,” said Catheryne Nicholson, CEO at BlockCypher. “Their expertise in the intricacies of enterprise payments can unlock bitcoin’s potential in very large-scale industries that experience a high volume of chargebacks.”

“One of the biggest challenges for merchants wanting to accept bitcoin is how to accommodate the delayed confirmation times into their ‘real-time’ checkout flows and still be assured of being funded,” said Seamus Cushley, VP Product at Bitnet. “We partnered with BlockCypher to provide key data for our ‘Instant Approval’ service due to their best-in-class metrics and enterprise service.”

The two companies have been collaborating for the last six months to make this deal happen. It’s an example of the philosophy both companies share of working together to collectively further the Bitcoin ecosystem, also echoed in Bitnet’s core values: “If you want to travel fast, travel alone. If you want to travel far, travel together. Let’s do this together.”  

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.niceactimize.comdownload the paper now

Top topics

Most viewed Most shared
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7136 views comments | 18 tweets | 22 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
6994 views comments | 20 tweets | 22 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
5885 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5709 views comments | 11 tweets | 9 linkedin
hands typing furiouslyA Bitcoin and Blockchain payment system
5526 views 0 | 6 tweets | 2 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job