Lateral Payment Solutions has entered into a partnership with Nuggets to integrate the latter’s connected payment platform with its technology to provide next generation blockchain-powered payment solution to its merchants.
Nuggets calls itself as an e-commerce payments and ID platform. The platform stores customer’s personal and payment data securely in the blockchain.
The company claims that the integration of its technology with the Lateral Payments platform will free merchants from the need to store personal data of consumers.
Further, it will also remove the requirement for usernames and passwords, and the need to store personal details with third parties.
The partnership with Lateral Payment Solutions is expected to extend the presence of e-commerce payments and ID platform to customers looking to use it to pay with debit and credit cards.
Nuggets CEO and founder Alastair Johnson said: “Lateral Payment Solutions has identified the significant opportunity of frictionless digital identity, payment and verification through blockchain, and we’re looking forward to maximizing that opportunity with them.”
Nuggets’ partnership with the payment processor will involve connecting the payment gateway through merchant digital identity, to avoid the requirement for usernames and passwords.
Lateral Payment Solutions director Ian Vidamour 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. That’s why we’re so excited about this partnership.”
Established in London in 2001, Lateral Payment Solutions, which is also based in Australia, helps in addressing the payment processing requirements of the e-commerce sector.
Since its establishment the company is said to have processed millions of transactions, across a diverse merchant portfolio.
Lateral Payment Solutions is a Level 1 PCI compliant service provider apart from being an accredited BACS and Direct Debit Bureau.
In addition to multiple integrations into third party payment providers, the payment processor gives the ability to securely process almost any transaction a business may need.