Sumsub, a full-cycle verification platform, has announced its integration with Elliptic, a provider of cryptoasset risk management services.
This partnership enhances Sumsub’s Crypto Transaction Monitoring and Travel Rule solutions, offering global clients enhanced capabilities to screen cryptocurrency wallets, detect fraud, and assess transaction risks.
Blockchain-related crime, including money laundering and fraud, continues to be a growing concern. In light of this, integrating Elliptic’s analytics into Sumsub’s platform enables firms to protect users, providing a comprehensive view of blockchain transactions to mitigate financial crime.
The integration allows clients, including firms in the blockchain, fintech, and payments sectors, to seamlessly connect existing Elliptic subscriptions to Sumsub’s system via the Bring Your Own Key (BYOK) model. This enables clients to use their own encryption keys to manage and secure their data, ensuring full control over sensitive information while using Sumsub’s compliance and monitoring services.
Customers can connect their existing functionality from Elliptic’s platform with Sumsub’s, unifying their workflows around cryptocurrency wallet screenings on one dashboard.
Now, Sumsub’s clients can ensure alignment with stringent regulatory requirements, with Elliptic providing the broadest coverage of cryptoassets and blockchains available on the market.
“We’re excited to partner with Sumsub to create a stronger shield against financial crime in the crypto industry. As blockchain technology advances, so do the threats it faces, making comprehensive and adaptive tools essential,” said James Smith, co-founder of Elliptic. “By integrating Elliptic’s cutting-edge blockchain analytics with Sumsub’s trusted verification and compliance platform, we’re empowering businesses to proactively address risks, protect their users, and stay ahead of regulatory demands. This integration not only strengthens fraud detection but also fosters greater transparency and trust in the evolving crypto space, helping firms navigate a complex landscape with confidence.”
“This partnership marks a significant step forward for crypto transaction monitoring, as Elliptic is a renowned, leading player in the blockchain analytics space. By integrating its analytics, we can continue to push the boundaries in fighting against financial crime, with the largest global ecosystem of virtual asset service providers (VASPs),” said Ilya Brovin, Chief Growth Officer at Sumsub. “At Sumsub, we are committed to fostering trust in the crypto sector. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigate risks, and stay ahead of emerging threats in the sector.”
