FICO, Crystal unite to deliver cryptocurrency risk management services

FICO, Crystal unite to deliver cryptocurrency risk management services

Adding to the expanding trend of cryptocurrency globally, Silicon Valley-based analytics software company – FICO, has reportedly announced establishing its partnership with Bitfury Group’s Crystal Blockchain in an attempt to offer real-time cryptocurrency risk management and monitoring services.

This move comes on heels with the rising demand for services in the crypto market put forth by a huge number of financial service providers. In fact, this JV is expected to help protect new business models and efficiently connect the worlds of virtual and fiat currency for the betterment of their customers.

As per credible reports, combining Crystal’s blockchain analysis with FICO’s financial crime solutions, the joint offering would support banks in assessing the risk of their clients’ crypto business at the nascent stage, while also monitoring risk on all active accounts.

Moreover, it has been claimed that this unique combination would allow banks to completely understand and actively manage the risk-exposure from customers that engage in digital currency transactions.

Commenting on this partnership, Dr. Sebastian Hetzler, VP of Financial Crimes Product Management at FICO, reportedly cited that the cryptocurrency services are currently considered to be an under-utilized market for various large banks, due to the crypto related risks and dearth of transactional intelligence available. In this case, the partnership with Crystal Blockchain would deliver financial institutions with an extensive crypto-risk assessment of client relationships and activities.

While on the other hand, CEO of Crystal Blockchain- Marina Khaustova- stated that the company is delighted to form a JV with FICO and is currently looking forward to working with the team in its shared mission to make the global financial markets more trusted and secure for financial institutions and banks and their clients by enhancing fraud identification and suspicious activity tracking on the blockchain.

She further added that the company is committed to offering transparency and security in the cryptocurrency market via top-class blockchain transaction analytics for CFT and AML.

Speculations have it that with rigorous AML and KYC controls in place, this JV would also allow banks to expand their service portfolio into the fast growing market of virtual assets, while also managing crypto-related challenges.

Source Credit: https://www.prnewswire.com/news-releases/fico-and-crystal-blockchain-of-bitfury-group-announce-partnership-to-deliver-real-time-cryptocurrency-risk-management-301193820.html