Monneo has announced the launch of a cryptocurrency payments service for online retailers.

The solution, which enables merchants to accept crypto as a form of payment, converts the crypto payment into its equivalent fiat currency value and then Monneo settles it to the IBAN of the merchant.

The platform said that the customer will have 15 minutes to complete the transaction where the crypto to fiat rate is locked in and the merchant receives the full fiat amount.

Monneo says it uses the Lightening Network – a second layer of technology which helps facilitate cryptocurrency to be exchanged instantly – where possible.

“We’ve all witnessed the huge growth of cryptocurrency in recent years, but many online merchants have been unable to truly take advantage of this trend,” said Lili Metodieva, managing director of Monneo. “Fortunately, this will now change thanks to a new update to our leading payment ecosystem platform, which is available to all merchants currently using our services.

“The new platform converts cryptocurrency payments into a fiat alternative, using real-time conversion rates. Being able to lock in the rate of conversion gives peace of mind that the payment is locked in place for 15 minutes with our in-built mechanism protecting online merchants and consumers from the effects of market volatility. We’re now looking forward to seeing how it helps our customers take advantage of this important area.”

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