Paysafe selects Elliptic to support crypto payments compliance

Paysafe selects Elliptic to support crypto payments compliance

Paysafe, a prominent specialized payments platform, has reportedly selected Elliptic, a global leader in crypto-asset risk management, for its Elliptic Lens solution to examine crypto wallets, going above as well as beyond in crypto compliance. Paysafe can now control its indirect exposure to risks related to cryptocurrency while also strengthening its cryptocurrency controls.

According to reports. Elliptic and Paysafe together have released a case study outlining why Paysafe picked Elliptic as its enhanced indirect crypto exposure.

Paysafe, which was listed on the New York Stock Exchange in March 2021, enables businesses and individuals to transact smoothly by providing best-in-industry payment processing, digital wallet, and online cash capabilities.

Paysafe can strengthen know-your-customer (KYC) procedures, reduce the risk of exposure to illegal activity, and efficiently monitor the interactions of entities traveling over fiat as well as crypto payment rails by incorporating Elliptic Lens into its current artificial intelligence (AI)-driven risk engine.

Elliptic CEO, Simone Maini, stated that Paysafe is known for being ahead of the curve in compliance and innovation for the payments industry, anticipating its clients' demands for innovative solutions that connect the fiat and crypto markets.

By adopting the crypto compliance solutions suite from Elliptic, Paysafe is capable to adapt and expand compliance operations as the firm extends its presence and keeps up with regulatory changes to safeguard the business and its clients, Maini added.

Paysafe Compliance Strategy & Advisory Vice President, Giacomo Austin, stated that Paysafe establishes a high standard for compliance, which the company believes is critical to achieving Paysafe's goal of being the top specialized payments platform.

Elliptic exhibited excellence within functionality, Risk Rule capabilities, data coverage, and accuracy, along with the flexibility to fit Paysafe's particular requirements during a tough evaluation process with a variety of blockchain analytics providers.

Giacomo added, the configurable Risks Rules of Elliptic enable Paysafe to have direct control over how rules are developed and adapted, particularly to its demands and the risk offered by its product, while also leveraging Elliptic's significant market experience.

Source credit: https://www.prnewswire.co.uk/news-releases/elliptic-selected-by-paysafe-to-support-cryptocurrency-payments-compliance-836946659.html