- Verification supplier Sumsub introduced a partnership with blockchain information platform Chainalysis this week.
- The combination will deliver automated crypto transaction monitoring and safe information storage, in addition to guarantee regulatory compliance.
- Sumsub made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
Full-cycle verification supplier and FinovateEurope alum Sumsub introduced an integration with blockchain information platform Chainalysis this week. The partnership brings Sumsub’s Transaction Monitoring and Journey Rule options to the Chainalysis platform. This may improve regulatory compliance and safe information storage, in addition to present automated crypto transaction monitoring for Chainalysis’ shoppers.
In a press release, the businesses steered that the partnership will assist encourage higher digital compliance for companies within the crypto house with performance like unified workflows and automatic transaction monitoring. Sumsub’s Transaction Monitoring answer is designed to assist corporations cope with the estimated $48+ billion in whole fraud losses final yr alone. The answer provides fraud and danger groups a single device to handle the transaction monitoring course of with gives fewer false positives and extra environment friendly case administration.
Moreover, the know-how allows real-time fraud detection, and customers can join KYC, AML, and KYB verification with transaction monitoring for additional vigilance in opposition to suspicious exercise. With Journey Rule, Sumsub automates information transfers with counterparties to ensure corporations stay compliant with regulatory obligations in numerous jurisdictions world wide.
“This partnership allows us to supply entry to over one billion mapped addressses throughout a number of blockchains to these clients who use Sumsub’s Transaction Monitoring and Chainalysis crypto danger options,” Sumsub co-founder and Chief Innovation Officer Jacob Sever defined. “Sumsub’s answer’s enhanced capabilities, built-in with Chainalysis’ analytics and key administration mannequin, are reshaping the panorama of crypto compliance and safety within the digital realm.”
Sumsub made its Finovate debut at FinovateEurope 2020 in Berlin, Germany. The corporate at the moment has greater than 2,000 shoppers in fintech, crypto, e-commerce, transportation, gaming, and extra. Companies working with Sumsub have skilled 2.4x return on funding (ROI), $3.2+ million in web current worth (NPV), and a payback interval of lower than six months.
Thus far in 2024, Sumsub has solid partnerships with B2B Gaming Providers and embedded finance integrator AAZZUR. The corporate started the yr teaming up with digital banking know-how agency Plumery. In February, Sumsub launched its deepfake detection answer for video identification, an industry-first, and made its non-doc verification answer out there within the U.S.
Headquartered in London, Sumsub – which stands for “Sum & Substance” – was based in 2015. Co-founder Andrew Sever is CEO.
Photograph by luis gomes