AUSTIN (Texas) — The executive responsible for crypto products and blockchain at Mastercard said that the payment processing firm is bringing out an service to ensure transactions are verified and compliant between users’ wallets, starting with transfers of digital asset between countries.

The Mastercard Crypto Credential Service, announced by Raj Dhamodharan on Friday from the stage of Consensus 2020, allows wallets in transactions to be identified that comply with requirements like the Financial Action Task Force (FATF)’s ” Travel Rule.”

Mastercard Crypto Credential is a common set of standards for the attestation and verification of interactions. It uses technology from CipherTrace.

Dhamodharan stated that “if two people wish to transfer money from one country into another, the level and complexity of verification required is high.” How do you identify these wallets? How do you get enough information on the other person?

CipherTrace is a blockchain tracker that focuses on cross-border transactions. It has created a cryptocurrency system to help companies comply with travel rules. According to that rule, whenever crypto valued at more than $1,000 is traded between two parties the crypto service providers of both parties are expected to share the personal information of each party.

Dhamodharan stated that Mastercard worked closely with Bit2Me and Lirium to roll out the service. The companies are working on a first project that will enable transfers between U.S. corridors and Latin America and Caribbean corridors.

Dhamodharan said that more use cases, including non-fungible token (NFT), transactions, would follow. Mastercard will team up with the public blockchain networks Aptos Labs Ava Labs Polygon and Solana Foundation to achieve this goal.

CORRECTION: (April 28, 2023, 18:50): Fixed the Mastercard stock ticker symbols.

Stephen Alpher, Margo Beller and Stephen Alpher edited the book.