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Wirex taps Sumsub for Transaction Monitoring & Travel Rule solutions

By Gloria Methri

August 17, 2023

  • Account Verification
  • AML
  • Digital Asset Compliance
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Sumsub, Wirex, UK, fraud protection, KYC compliance, AMLDigital payments company Wirex has partnered with a global full-cycle verification platform Sumsub. The partnership will see Wirex leverage Sumsub’s Transaction Monitoring and Travel Rule compliance solutions for virtual asset transfers, and its KYC (Know Your Customer) software to verify the identity of new clients.

Sumsub’s solution enables secure Travel Rule information transfers between virtual VASPs, conducting all necessary KYC checks, AML screening, and verification orchestration in accordance with regulatory requirements and Wirex’s business needs.

The Travel Rule solution can be easily integrated with Sumsub’s advanced transaction monitoring (KYT) solution. Transaction monitoring encompasses a flexible set of procedures typically including analysing sender/receiver profiles, calculating risk scores, and cross-checking KYC and transaction data.

Sumsub’s Transaction Monitoring solutions will assist Wirex in preventing financial fraud and maintaining compliance. Recent internal data revealed 70% of fraudulent activity occurs after the Know-Your-Customer (KYC) onboarding stage, highlighting the necessity for continuous monitoring.

“We are thrilled to be partnered with Sumsub to ensure seamless compliance with the upcoming regulatory requirements for virtual asset service providers,” said Pavel Matveev, CEO and Co-Founder of Wirex. “By utilising Sumsub’s Transaction Monitoring capabilities and Travel Rule compliance solutions, we are committed to upholding the highest standards of security and protection for our user verification processes and our users’ virtual asset transactions”

Andrew Sever, co-founder and CEO of Sumsub said, “The regulatory horizon is becoming increasingly complex, particularly for firms in the digital asset space. Sumsub is committed to providing advanced verification and compliance solutions that empower businesses to navigate the evolving landscape – beyond the initial onboarding stage. This partnership with Wirex signifies a mutual commitment to maintaining the integrity of virtual asset transfers and ongoing transactions. Our full-cycle verification solution offers a comprehensive picture of all customer risk profiles, allowing our clients to make better-informed decisions and keep their businesses safe.”

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