LONDON and SANKT GALLEN, Switzerland (PRWEB)March 09, 2018 - Payment21, a Swiss-based Bitcoin processor which provides AML-compliant cryptocurrency transactions, has partnered with the blockchain RegTech leader Coinfirm. The blockchain agnostic Coinfirm AML/KYC Platform provides ‘banking grade’ blockchain analysis solutions to ensure AML-compliance of cryptocurrency transactions.
Coinfirm's regulatory technology helps streamline and automate compliance processes for blockchain based transactions and aims to be the global standard for Anti-Money-Laundering (AML) risk management, and Know-Your-Customer (KYC) regulation on cryptocurrency, enabling a high level of transparency for the blockchain ecosystem.
Pawel Kuskowski, CEO of Coinfirm, states: “We believe the crypto-economy is here to stay, and that it has the power to permanently and positively change the face of global finance and regulation. However, this change must happen in a safe, compliant and trustworthy manner. Our partnership with Payment21 is a huge step in the right direction.”
Coinfirm’s platform uses proprietary algorithms and big data analysis to provide actionable data on blockchain transactions and parties. With the help of Coinfirm, Payment21 is in the position to perform automated AML-assessments, both when onboarding clients and when monitoring transactions in real-time. Coinfirm provides AML-risk reports and actionable results within a few seconds. The C-score model allows Payment21 to automatically decide which transactions should be approved and which should be rejected.
“Our partnership with Coinfirm supports us in enhancing our boarding process and on-going transaction monitoring procedures, by including blockchain analysis tools for increased AML-compliance”, added Bernhard Kaufmann, General Manager at Payment21.com. ”This collaboration underscores our strategy of bridging the gap between digital currency and traditional financial services”.
The award-winning Bitcoin cashier system of Payment21 provides collection and exchange services to e-commerce merchants, multinational corporations, and financial intermediaries around the globe. The service offerings have a focus on regulated businesses with a need for effective compliance procedures. Payment21.com offers added value to enterprise-level businesses, by meeting the specific regulatory requirements of auditors, government agencies, and financial institutions.