Paysafe chooses Elliptic to strengthen crypto payments compliance

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Elliptic, a provider of crypto-asset risk management solutions, has been selected by Paysafe, a specialized payment platform, for its Elliptic Lens solution. Paysafe is now able to manage indirect exposure to cryptocurrency risks and strengthen its cryptocurrency controls. By integrating Elliptic Lens into its existing proprietary risk engine powered by artificial intelligence (AI), Paysafe can enrich Know Your Customer (KYC) processes, reduce potential exposure to illicit activity, and effectively monitor the interaction between entities flowing between fiat and crypto payments. rails.

Paysafe has a reputation for staying one step ahead of innovation and compliance for the payments industry, anticipating the needs of its customers to support new products that link the fiat and crypto economies, said Simone Maini, CEO of Elliptic. By choosing the Elliptics suite of crypto compliance solutions, Paysafe is able to adapt and evolve compliance operations as the business grows its footprint and keeps pace with regulatory change to protect the business and its customers. .

Recently, Paysafe announced a new partnership with Bankable, a global architect of banking solutions as a service. As part of the global deal, the two companies will work together to launch a wide range of integrated and omnichannel banking services from Paysafe. The company has already collaborated with Bankable on its card issuance services, including the rollout of prepaid cards for the British Red Cross in 2020. This latest development of the partnership is the first expansion into the banking solutions arena as that service. .

Giacomo Austin, Vice President, Compliance Strategy and Consulting at Paysafe, commented: Paysafe sets the bar very high for compliance, which we see as a key element in realizing Paysafe’s vision to become the premier platform for specialized payment. We have embarked on a rigorous screening process with a number of blockchain analytics providers and Elliptic has demonstrated excellence in functionality, risk rule capability, data coverage and accuracy, and flexibility. to meet our unique requirements. So far, Elliptics’ overall service, reliability and technology is exactly what we were looking for in a crypto compliance partner.

Giacomo adds that Elliptics’ configurable risk rules allow Paysafe to have direct control over how the rules are designed and tailored specifically to our needs and the risk presented by our product, while also allowing us to Leverage Elliptics’ in-depth market expertise.

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