Sumsub, a global provider offering full-cycle verification services, has announced its collaboration with Chainalysis, a prominent blockchain data platform.
This partnership integrates Sumsub’s Transaction Monitoring and Travel Rule solutions with Chainalysis’ blockchain analytics platform and services. This collaboration aims to facilitate regulatory compliance, ensure secure data storage, and automate crypto transaction monitoring for client companies.
Sumsub has partnered with Chainalysis to enable regulatory compliance, secure data storage, and automate crypto transaction monitoring for client companies.
Sumsub’s integration with Chainalysis, along with its Bring Your Own Key (BYOK) management model, heralds a new era in digital compliance for crypto businesses. This integration provides unified workflows and automated transaction monitoring through a secure channel.
Given the increasing stringency and complexity of crypto regulations, this partnership guarantees that clients can maintain compliance and deter fraudsters and money launderers effectively.
Crypto exchanges, peer-to-peer marketplaces, and neobanks engaging with crypto assets for their clientele can now establish automated crypto transaction monitoring and advanced analytics for in-depth investigations and robust risk management on a unified dashboard.
By incorporating a Chainalysis key management model into the Sumsub full-cycle verification platform, users can enhance privacy and take full control of their data. This streamlines their KYC, AML, and transaction monitoring processes seamlessly.
Jacob Sever, the co-founder and Chief Innovation Officer at Sumsub, expressed his enthusiasm about the collaboration with Chainalysis, a globally renowned blockchain intelligence provider. This partnership empowers clients using Sumsub’s Transaction Monitoring and Chainalysis crypto risk solutions with access to over one billion mapped addresses across various blockchains. The enhanced capabilities of Sumsub’s solution, combined with Chainalysis’ analytics and key management model, are revolutionizing crypto compliance and security in the digital sphere. This integration enables businesses to align with rigorous global AML and KYC regulations, fostering trust and confidence in crypto transactions.
Ian Andrews, Chief Marketing Officer at Chainalysis, highlighted the significance of partnering with Sumsub, a leading identity verification and fraud prevention platform. This collaboration aims to enhance trust and transparency in the crypto industry by integrating Sumsub’s platform with Chainalysis’ crypto risk solution. Together, they are working towards establishing next-generation digital infrastructure for security and compliance controls in the crypto sector, ultimately aiming for the cryptocurrency economy to thrive.
Chainalysis, known for its blockchain data platform, aims to provide data, software, services, and research to entities such as government agencies, exchanges, financial institutions, as well as insurance and cybersecurity firms in over 70 countries. Their data underpins investigation, compliance, and market intelligence software, which has been instrumental in solving prominent criminal cases and expanding consumer access to cryptocurrency securely.
Sumsub, on the other hand, is a comprehensive verification platform that ensures security throughout the entire user journey. With Sumsub’s customizable solutions for KYC, KYB, Transaction Monitoring, Fraud Prevention, and Travel Rule compliance, businesses can streamline their verification processes, expand their customer base globally, meet compliance standards, reduce costs, and safeguard their operations.