Elliptic, a company focused on crypto-asset risk management, has been chosen by Paysafe, a specialized payments platform, for its Elliptic Lens solution.
Paysafe is now able “to manage indirect exposure to cryptocurrency-related risks and bolster their cryptocurrency controls,” according to an update from Elliptic.
Paysafe, which listed on the New York Stock Exchange (NYSE) in March of this year, enables businesses and consumers to transact “seamlessly” via different capabilities in payment processing, digital wallet, and online cash.
By integrating Elliptic Lens into its proprietary AI-enhanced risk engine, Paysafe can “enrich know-your-customer (KYC) processes, reduce potential exposure to illicit activity, and effectively monitor the interaction between entities moving across fiat and crypto payment rails.”
Simone Maini, CEO at Elliptic, stated:
“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.”
Giacomo Austin, VP, Compliance Strategy & Advisory at Paysafe, remarked:
“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 specialized 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. So far, Elliptic’s overall service, reliability and technology is exactly what we were looking for in a crypto compliance partner.”
Elliptic’s configurable Risk Rules were a key factor in Paysafe’s decision to choose Elliptic’s crypto AML solutions, the announcement revealed.
Giacomo added that 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.”