Elliptic selected by Paysafe to Support Cryptocurrency Payments Compliance
Jul 22, 2021
-Elliptic Lens is selected by NYSE-listed Paysafe to screen crypto wallets, going above and beyond in crypto compliance.
-Paysafe and Elliptic release a case study detailing why Paysafe chose to work with Elliptic as it increased its indirect exposure to crypto.
LONDON, July 22, 2021 /PRNewswire/ — Elliptic, a global leader in cryptoasset risk management, has been selected by Paysafe, a leading specialized payments platform, for its Elliptic Lens solution. Paysafe is now able to manage indirect exposure to cryptocurrency-related risks and bolster their cryptocurrency controls.
Paysafe, which listed on the New York Stock Exchange in March 2021, enables businesses and consumers to transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash. By integrating Elliptic Lens into its existing proprietary artificial intelligence (AI) powered risk engine, Paysafe can enrich know-your-customer (KYC) processes, reduce potential exposure to illicit activity, and effectively monitor the interaction between entities moving across fiat and crypto payment rails.
“Paysafe has a reputation for staying ahead of the curve in innovation and compliance for the payments sector, anticipating its customers’ needs to support new products that link the fiat and crypto economies”, said Simone Maini, Elliptic CEO. “By choosing Elliptic’s suite of crypto compliance solutions, Paysafe is able to adapt and scale compliance operations as the company grows its footprint and keeps pace with regulatory changes to protect the business and its customers.”
Giacomo Austin, Vice President, Compliance Strategy & Advisory at Paysafe, commented: “Paysafe sets the bar high when it comes to compliance, which we see as a key enabler to achieve Paysafe’s vision of becoming the leading specialized payments platform. We embarked on a rigorous selection process with a number of blockchain analytics providers and Elliptic demonstrated excellence in functionality, Risk Rule capability, data coverage and accuracy and the flexibility to meet our unique requirements. So far, Elliptic’s overall service, reliability and technology is exactly what we were looking for in a crypto compliance partner.”
Elliptic’s configurable Risk Rules were an integral factor in Paysafe’s decision to select Elliptic’s crypto AML solutions. Giacomo adds, “Elliptic’s configurable Risk Rules allow Paysafe to have direct control over how rules are designed and customized specifically to our needs and to the risk presented by our product, while also allowing us to leverage Elliptic’s deep market expertise.”
Elliptic is the global leader in cryptoasset risk management for crypto businesses and financial institutions worldwide. Recognized as a WEF Technology Pioneer and backed by investors including Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes. Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo. To learn more, visit www.elliptic.co and follow us on LinkedIn and Twitter.
Paysafe Limited (“Paysafe”) is a leading specialised payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualised transactional volume of US $92 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.
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