Paysafe uses Elliptic to support crypto payments compliance

The payments platform will leverage the Elliptic Lens solution to manage its risk regarding indirect cryptocurrency exposure

London-based specialised payments platform Paysafe has chosen to use blockchain analysis provider Elliptic to improve its cryptocurrency controls and manage its risk regarding indirect cryptocurrency exposure, according to a press release yesterday.

As Paysafe’s Vice President of Compliance Strategy and Advisory, Giacomo Austin, explained, “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 specialised 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.”

The payments platform received a listing on the New York Stock Exchange earlier this year and provides services in online cash, digital wallets and payment processing to businesses and consumers so they can transact with ease.

Elliptic’s CEO, Simone Maini, commented, “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. 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.”

Elliptic was chosen for its Elliptic Lens solution, which protects businesses from financial crime by screening wallets in real time and uncovering links to sanctioned entities, money laundering and terrorism financing.

Austin added, “Elliptic’s configurable Risk Rules allow Paysafe to have direct control over how rules are designed and customised specifically to our needs and to the risk presented by our product, while also allowing us to leverage Elliptic’s deep market expertise.”

Paysafe will enhance its Know Your Customer (KYC) processes by integrating Elliptic Lens with its artificial intelligence-powered risk engine. This will help Paysafe better oversee how businesses and people connect when they move between crypto and fiat payment rails, as well as minimising the possible exposure of Paysafe to illicit activity.