Paysafe selects Elliptic to boost crypto payments compliance

By Megha Bhattacharya

Elliptic, a provider of cryptoasset risk management solutions, has been selected 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 its cryptocurrency controls. By integrating Elliptic Lens into its existing proprietary artificial intelligence (AI) powered 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.

“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”, said Simone Maini, Elliptic CEO. “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.”

Recently, Paysafe announced a new partnership with Bankable, a global architect of ‘banking-as-a-service’ solutions. Through the global agreement, the two companies will collaborate to launch a broad range of integrated, omnichannel banking services from Paysafe. The company has previously collaborated with Bankable on its card issuing services including the roll-out of prepaid cards for the British Red Cross in 2020. This latest development in the partnership is the first extension into the area of banking-as-a-service solutions.

Giacomo Austin, Vice President, Compliance Strategy & Advisory at Paysafe, commented: “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.”

Giacomo adds, “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.”