By Nermeen Nabil Khear TLDR:
- Sumsub and Elliptic form partnership to enhance crypto wallet screening and risk assessment
- Integration allows seamless connection of existing Elliptic subscriptions to Sumsub’s system via BYOK model
- Partnership aims to combat rising blockchain-related crime and fraud in crypto sector
- Solution offers automated workflows and real-time risk assessments using Elliptic’s blockchain data
- Combined platform provides unified dashboard for cryptocurrency compliance and monitoring
Verification platform Sumsub has announced a new partnership with blockchain analytics leader Elliptic. The collaboration, revealed on November 26, 2024, combines Sumsub’s verification capabilities with Elliptic’s blockchain analytics to create a more robust system for detecting and preventing crypto-related financial crime.
The partnership comes at a time when cryptocurrency fraud continues to pose challenges for the financial sector.
According to Sumsub’s Identity Fraud Report 2024, the crypto industry ranks among the top five sectors experiencing the highest fraud rates this year, highlighting the pressing need for enhanced security measures.
The new integration allows businesses to connect their existing Elliptic subscriptions directly to Sumsub’s platform through a Bring Your Own Key (BYOK) model. This approach enables clients to maintain control over their encryption keys while accessing the combined services of both platforms.
One of the key features of the integration is the automation of cryptocurrency wallet screening processes. The system provides real-time risk assessments powered by Elliptic’s extensive blockchain data, streamlining what was previously a complex and time-consuming task for many businesses.
The partnership also introduces a unified dashboard for cryptocurrency compliance and monitoring. This consolidation eliminates the need for separate workflows and additional systems, making it easier for businesses to manage their crypto security operations from a single location.
For businesses in the blockchain, fintech, and payments sectors, the integration offers enhanced investigation capabilities. Users can access detailed blockchain analysis directly through the Elliptic dashboard when needed, providing deeper insights into potentially suspicious activities.
The combined platform addresses growing regulatory requirements in the cryptocurrency sector. With Elliptic’s broad coverage of cryptoassets and blockchains, businesses can better ensure compliance with current regulations while preparing for future requirements.
Recent developments in law enforcement approaches to cryptocurrency crime have underscored the importance of such security measures. The FBI’s creation of its own crypto token for criminal investigations demonstrates the evolving nature of both crypto-related crime and the tools needed to combat it.
James Smith, co-founder of Elliptic, emphasized the partnership’s role in creating stronger defenses against financial crime. He noted that the integration enables businesses to address risks proactively while maintaining transparency in their operations.
Ilya Brovin, Chief Growth Officer at Sumsub, highlighted the partnership’s importance in expanding their virtual asset service provider (VASP) ecosystem. The collaboration aims to streamline compliance processes and help businesses stay ahead of emerging threats in the sector.
The integration also features enhanced data security measures. The BYOK model allows clients to manage and secure their sensitive information while utilizing the full range of compliance and monitoring services offered by both platforms.
Technical aspects of the integration include automated screening workflows, real-time risk assessment capabilities, and direct access to detailed blockchain analytics. These features are designed to work together seamlessly, providing a comprehensive view of cryptocurrency transactions and potential risks.
Sumsub’s existing client base, which includes companies like Bitpanda, Wirex, and Huobi, will have access to these enhanced capabilities. The integration is expected to benefit both new and existing clients across various industries dealing with cryptocurrency transactions.
Elliptic’s established position in the market, including recognition as a WEF Technology Pioneer and backing from major financial institutions like J.P. Morgan and Wells Fargo Strategic Capital, adds credibility to the partnership. Their global presence, with offices in London, New York, Singapore, and Tokyo, supports the international scope of the integrated services.
The platform’s monitoring capabilities extend to transaction tracking, fraud prevention, and compliance with Travel Rule requirements. These features are particularly relevant for businesses operating in multiple jurisdictions with varying regulatory requirements.
The post Sumsub Partners with Elliptic to Strengthen Crypto Fraud Prevention and Compliance Tools appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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