Sumsub Integrates with Elliptic to Enhance Crypto Transaction Monitoring Solutions

Partnership Announcement

Sumsub, a leading verification platform, has recently announced its integration with Elliptic, a renowned provider of cryptoasset risk management services. This collaboration aims to bolster Sumsub’s Crypto Transaction Monitoring and Travel Rule solutions, providing global clients with advanced capabilities in screening cryptocurrency wallets and detecting fraud.

Combatting Financial Crime

With the rise of blockchain-related crime, such as money laundering and fraud, the need for robust security measures is more critical than ever. By incorporating Elliptic’s analytics into Sumsub’s platform, businesses can safeguard users and gain a comprehensive view of blockchain transactions to mitigate financial risks effectively.

Enhanced Security Measures

Clients in the blockchain, fintech, and payments sectors can seamlessly integrate their existing Elliptic subscriptions with Sumsub’s system through the Bring Your Own Key (BYOK) model. This flexibility allows clients to manage and secure their data using their encryption keys while benefiting from Sumsub’s compliance and monitoring services.

Streamlined Compliance Processes

Sumsub’s integration with Elliptic enables clients to streamline compliance processes by unifying cryptocurrency wallet screenings on a single dashboard. This integration ensures alignment with stringent regulatory requirements, with Elliptic offering the broadest coverage of cryptoassets and blockchains on the market.

Empowering Businesses Against Financial Crime

James Smith, co-founder of Elliptic, emphasized the partnership’s role in strengthening the crypto industry’s defenses against financial crime. By combining Elliptic’s cutting-edge blockchain analytics with Sumsub’s verification and compliance platform, businesses can proactively address risks, protect users, and navigate regulatory demands with confidence.

Fostering Trust and Transparency

Sumsub’s Chief Growth Officer, Ilya Brovin, noted the significance of the partnership in advancing crypto transaction monitoring. The integration of Elliptic’s analytics allows for enhanced fraud detection and fosters greater transparency and trust in the evolving crypto space, empowering firms to navigate the complex landscape securely.