Following this announcement, the partnership is expected to optimise Sumsub's Crypto Transaction Monitoring and Travel Rule solutions in order to provide global customers with improved capabilities to screen cryptocurrency wallets, detect fraud, and assess transaction risks.

In addition, Sumsub also integrated Elliptic's blockchain analytics in order to enhance crypto wallet screening and risk assessment capabilities for users. The companies will continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.

Following this integration, clients and customers, including firms in the blockchain, fintech, and payments sectors, will be allowed to connect existing Elliptic subscriptions to Sumsub's system via the Bring Your Own Key (BYOK) model. This process is set to allow customers to use their own encryption keys in order to manage and save their data, which will ensure full control over sensitive information while using Sumsub's compliance and monitoring solutions.

At the same time, clients will have the possibility to connect their existing functionality from Elliptic's platform with Sumsub's, which will unify their workflows around cryptocurrency wallet screening on one dashboard. Now, Sumsub's users can also ensure alignment with stringent regulatory requirements, with Elliptic providing the broadest coverage of crypto assets and blockchains available on the market.

Included in the benefits of the integration are automated workflows for screening crypto assets and transactions, real-time risk assessments pored by Elliptic's extensive blockchain data, as well as deeper investigation capabilities which are accessible directly through the Elliptic dashboard when required, and secure integration for new and existing users, eliminating the need for separate workflows or additional systems.