The payment platform wants to manage its risks related to indirect cryptocurrency exposure with the Elliptic Lens solution.
According to a press release yesterday, the London-based payment platform Paysafe, with the help of blockchain analytics provider Elliptic, wants to improve its cryptocurrency controls and manage its risk in relation to indirect cryptocurrency exposure..
Giacomo Austin, vice president of compliance strategy and consulting at Paysafe, said: “Paysafe raises the bar when it comes to compliance. In our eyes, it is an important prerequisite for the realization of Paysafe’s vision of becoming the leading specialized payment platform. We have gone through a rigorous selection process with a number of blockchain analytics providers. Elliptic has proven outstanding in terms of functionality, risk management capability, data coverage and accuracy, and the flexibility to meet our unique requirements.“
The payment platform was listed on the New York Stock Exchange earlier this year and provides online cash, digital wallets and payment processing services to businesses and consumers.
Simone Maini, Managing Director of Elliptic, comments: “Paysafe has a reputation for being one step ahead in terms of innovation and compliance for the payments sector. The company perceives the needs of its customers to develop new products that combine fiat and crypto economy. Paysafe has chosen Elliptic’s crypto compliance solutions, enabling it to adapt and scale compliance operations. At the same time, the company can keep up with regulatory changes to protect both businesses and customers.“
The choice was made because of Elliptic-Lens on Elliptic, a solution that protects companies from financial crime by checking wallets in real time and uncovering links to sanctioned entities, money laundering and terrorist financing.
„Elliptic’s configurable risk rules give Paysafe direct control over how the rules are designed and adapted specifically to our needs and the risk of our product. At the same time, we can leverage Elliptic’s extensive market expertise“Austin continues.
Paysafe improves its Know Your Customer (KYC) processes by integrating Elliptic Lens, whose risk engine is based on artificial intelligence. This allows Paysafe to better monitor how businesses and individuals connect as they move between crypto and fiat payment rails. At the same time, the possible exposure of Paysafe to illegal activities is minimized.