Instantly fund card payments from crypto and other sources. Contis announces first use of new product – Buffer
New advance in payments technology. With Buffer, Spend.com cardholders can now use secondary crypto wallets instantly, converting to fiat at point of sale in under 2.5 seconds. Potential to shake up banking, crypto, insurance, fintech and more.
With Spend.com launching in Europe, Contis announces the first use of its innovative new Buffer service. Contis is a leading provider of banking, payment and processing solutions for the future economy.
Buffer is the first product of its kind to enable secondary authorisation in real-time. This allows card payment transactions to be funded in seconds from a secondary source, a considerable leap forward for the payments industry. Since a secondary source can be loaded with cash, crypto, gold or other reserves, end-customers can now convert and spend previously non-liquid assets.
Founded in Canada in 2018, the multi-currency digital wallet – Spend.com – enables customers to manage, trade and spend up to 27 fiat currencies and 16+ cryptocurrencies. Contis powers their new solution for the EEA, a Spend debit card denominated in Euros.
Using Contis’ APIs, the new card solution links to the full functionality of the Spend.com app. With Buffer, cardholders can spend from secondary wallets loaded with cryptocurrency, converting to fiat at point of sale in under 2.5 seconds. The technology also enables tokenisation, allowing cardholders to convert and spend high value cryptocurrencies like Bitcoin on low value day to day goods.
Buffer’s secondary authorisation opens a world of future possibility in payments. Insurance providers, for instance, can now issue cards to settle claims while retaining the power to authorise only relevant purchases at the point of sale.
Peter Cox, CEO and Founder of Contis, said: “Buffer is very exciting because it gives end customers much more choice and control over their finances. Its first use, Spend.com, is a great example of how secondary authorisation now allows customers to convert and spend illiquid assets securely and instantly. But the possibilities are endless. I’m confident Buffer will disrupt the insurance, fintech and payroll markets in ways people haven’t even considered yet.”
Peter Hertel, Chief Marketing Officer at Spend.com, said: “We are excited to tie our proprietary Spend Authorization Engine to the Contis Buffer solution to bring real time crypto to fiat converted payments for our end users. By enabling this tool, we are bridging gaps in the current financial system and bringing frictionless user experience to our application and card platforms.”
Airstar Bank Limited (“Airstar”), one of Hong Kong’s new virtual banks, today announced the launch of a pilot trial which is conducted within the Fintech Supervisory Sandbox (“FSS”) of the Hong Kong Monetary Authority (“HKMA”). The pilot trial will offer innovative...
IDnow supports German-wide organisation “Wir gegen Corona” (We against Corona) with free identification of volunteers
IDnow , a leading provider of Identity Verification-as-a-Service solutions with more than 250 customers in Europe, supports the initiative “Wir gegen Corona” with free identity verification. “Wir gegen Corona” is a Germany-wide initiative that helps people from risk...
Singapore FinTech Festival 2019 summary of activities from the Fintech Power 50: Singapore FinTech Festival 2019 has proved another resounding success. Inaugural SFF x SWITCH sees over 60,000 participants from 140 countries; event to return on 9-13 November 2020....