Ian Vidamour, Director of Lateral Payment Solutions said “Our merchants process fast and simple payments via our platform – but they’re also increasingly concerned about how retailers and payment providers store their personal data. Our collaboration with Nuggets, and our integration of their blockchain technology tightened security around the storage of personal information which is why we’re so excited about this partnership.”
Nuggets, the blockchain-powered decentralised digital identity and payments company has announced a partnership with Lateral Payment Solutions, who will integrate the award-winning interface into their globally connected payment platform, to deliver next generation innovative technology to their merchants.
The integration of Nuggets’ technology with existing payment rails will mean merchants utilising the Lateral Payments Solutions platform no longer have to access or store consumers’ personal data. It will also remove the need for usernames and passwords, and the need to store personal information with third parties.
Alastair Johnson, CEO and Founder of Nuggets, said: “We’re delighted to be integrating with Lateral Payment Solutions, which will extend the reach of Nuggets to consumers who want to use it to pay with credit and debit cards. Lateral Payment Solutions has identified the significant opportunity of frictionless digital identity, payment and verification through blockchain, and we’re looking forward to maximising that opportunity with them.”
Since 2001 Lateral Payment Solutions has processed millions of transactions, across an extensive and diverse merchant portfolio. The integration with Nuggets will involve connecting the payment gateway via merchant digital identity to avoid the need for usernames and passwords – made possible by Nuggets’ unique blockchain solution.
Nuggets will continue to facilitate ‘anything, anytime, anywhere’ payments for Lateral Payments Solutions, building upon their existing technology base. The partnership announcement comes at a critical time within the payment sector, with the pending implementation of the EU’s Second Payment Services Directive (PSD2) forcing providers to meet more stringent criteria.