- Verification supplier Sumsub introduced a partnership with blockchain information platform Chainalysis this week.
- The mixing will convey 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. It will improve regulatory compliance and safe information storage, in addition to present automated crypto transaction monitoring for Chainalysis’ shoppers.
In an announcement, the businesses prompt that the partnership will assist encourage larger digital compliance for companies within the crypto area with performance like unified workflows and automatic transaction monitoring. Sumsub’s Transaction Monitoring resolution is designed to assist companies take care of the estimated $48+ billion in whole fraud losses final yr alone. The answer offers fraud and threat groups a single instrument to handle the transaction monitoring course of with supplies fewer false positives and extra environment friendly case administration.
Moreover, the expertise 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 verify companies stay compliant with regulatory obligations in several jurisdictions all over the world.
“This partnership allows us to supply entry to over one billion mapped addressses throughout a number of blockchains to these prospects who use Sumsub’s Transaction Monitoring and Chainalysis crypto threat options,” Sumsub co-founder and Chief Innovation Officer Jacob Sever defined. “Sumsub’s resolution’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 present 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.
To date in 2024, Sumsub has cast partnerships with B2B Gaming Companies and embedded finance integrator AAZZUR. The corporate started the yr teaming up with digital banking expertise agency Plumery. In February, Sumsub launched its deepfake detection resolution for video identification, an industry-first, and made its non-doc verification resolution obtainable 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
