Customer Success Story: Paysafe Integrate with Elliptica

Elliptic selects Paysafe to support cryptocurrency payment compliance

Leading specialized payment platform Paysafe adopts Elliptic’s blockchain wallet verification capabilities, Elliptic Lens, to further strengthen compliance for transactions to and from its crypto partners. Here is their story.

The Challenge

Paysafe, a leading specialist payment platform offering secure payments and payment gateways, faced a new challenge when it came up with a new feature that allows users in the European Economic Area (EEA) to withdraw their e-money balance via cryptocurrency to an external wallet third parties. services. Although only indirectly exposed to cryptocurrencies, Paysafe has decided to go above and beyond in its transaction compliance monitoring system and implement blockchain wallet verification capabilities alongside the verifications performed by their crypto service partners.

Need

Paysafe started by reviewing and comparing the best blockchain tracking tools on the market. This was a detailed deep dive into:

• Wallet verification functionality

• Risk rule configuration

• Ability to catch and flag suspicious behavior

The solution

The result of Paysafe’s supplier selection analysis was that Elliptic was the best supplier for their needs, meeting the expectations they had set before the trial began:

• Offer full configuration of the Risk Rule mechanism and in terms of configuring the rules and defining the type of results that Paysafe expected to see.

• Setting confidence levels in risk results verified both manually and algorithmically.

• Validating the accuracy of the risk assessment itself and visualizing the various events and entities that triggered the risk rule using highly efficient out-of-the-box functionality.

• Providing access to an excellent customer support team.

Closely following the Financial Action Task Force (FATF) guidelines that automated blockchain monitoring systems are an essential component of financial crime risk mitigation, having the right technology compliance partner is integral to monitoring crypto transactions. Paysafe has integrated Elliptic Lens into its proprietary AI-powered risk engine to ensure effective monitoring and enrich its information to analyze customer behavior, typologies and interactions between entities outside of regular financial systems.

Elliptic configurable risk rules allow Paysafe to:

• Have better visibility into your risk exposure

• Make risk-based decisions

• Deliver reliable products and services in line with Paysafe’s core mission

Connected

• Elliptic selects Paysafe to support cryptocurrency payment compliance