Sumsub Improves Crypto Transaction Monitoring With Elliptic Integration

Full-cycle verification platform, Sumsub has enhanced its Crypto Transaction Monitoring and Travel Rule solutions following an integration with Elliptic, the cryptoasset risk manager.

The integration allows clients, including firms in the blockchain, fintech, and payments sectors, to seamlessly connect existing Elliptic subscriptions to the Sumsub system via the Bring Your Own Key (BYOK) model. This enables clients to use their own encryption keys to manage and secure their data, ensuring full control over sensitive information while using Sumsub’s compliance and monitoring services.

The partnership will be especially effective as blockchain-related crime is a growing concern. Money laundering and fraud are on the rise and according to Sumsub’s Fraud Report 2024, the crypto industry was in the top five industries with the highest fraud rates in 2024.

Recently, the United States Federal Bureau of Investigation (FBI) created its own crypto token to take down criminals. In light of this, integrating Elliptic’s analytics into Sumsub’s platform enables firms to protect users, providing a comprehensive view of blockchain transactions to mitigate financial crime.

James Smith, co-founder of Elliptic
James Smith, co-founder of Elliptic

“We’re excited to partner with Sumsub to create a stronger shield against financial crime in the crypto industry. As blockchain technology advances, so do the threats it faces, making comprehensive and adaptive tools essential,” said James Smith, co-founder of Elliptic.

“By integrating Elliptic’s cutting-edge blockchain analytics with Sumsub’s trusted verification and compliance platform, we’re empowering businesses to proactively address risks, protect their users, and stay ahead of regulatory demands. This integration not only strengthens fraud detection but also fosters greater transparency and trust in the evolving crypto space, helping firms navigate a complex landscape with confidence.”

Perks of the integration

Customers can connect their existing functionality from Elliptic’s platform with Sumsub’s, unifying their workflows around cryptocurrency wallet screenings on one dashboard. Now, Sumsub’s clients can ensure alignment with stringent regulatory requirements, with Elliptic providing coverage of cryptoassets and blockchains available on the market.

Further benefits of the integration include:

  • Automated workflows for screening crypto wallets and transactions
  • Real-time risk assessments powered by Elliptic’s extensive blockchain data
  • Deeper investigation capabilities, accessible directly through the Elliptic dashboard when required
  • Seamless integration for new and existing clients, eliminating the need for separate workflows or additional systems
Ilya Brovin, chief growth officer at Sumsub
Ilya Brovin, chief growth officer at Sumsub

“This partnership marks a significant step forward for crypto transaction monitoring, as Elliptic is a renowned, leading player in the blockchain analytics space. By integrating its analytics, we can continue to push the boundaries in fighting against financial crime, with the largest global ecosystem of virtual asset service providers (VASPs),” said Ilya Brovin, chief growth officer at Sumsub.

“At Sumsub, we are committed to fostering trust in the crypto sector. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigate risks, and stay ahead of emerging threats in the sector.”

The post Sumsub Improves Crypto Transaction Monitoring With Elliptic Integration appeared first on The Fintech Times.

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