According to an Elliptic press release from 22 July, Paysafe has selected the Elliptic Lens solution to manage indirect exposure to cryptocurrency-related risks. The advanced screening solution will help Paysafe bolster its cryptocurrency controls and meet the regulatory compliance necessary to expand to more markets globally.
Integrating Elliptic Lens into its proprietary artificial intelligence (AI) powered risk engine will enable Paysafe to enrich its KYC processes, reduce potential exposure to illicit activity, and effectively monitor the interaction between entities moving across fiat and crypto payment rails.
Giacomo Austin, the Vice President of Compliance Strategy at Paysafe, said compliance has always been a key enabler to achieve Paysafe’s vision of becoming the leading specialized payments platform. After a rigorous selection process with several blockchain analytics providers, it chose Elliptic as a partner due to its demonstrated excellence in functionality. The company’s configurable Risk Rules were an integral factor in Paysafe’s decision to select Elliptic’s crypto AML solutions.
“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,” he explained in the release.