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ELLIPTIC AND LEXISNEXIS RISK SOLUTIONS ALLIANCE BRINGS BANK-GRADE RISK MANAGEMENT TO BITCOIN

ELLIPTIC AND LEXISNEXIS RISK SOLUTIONS ALLIANCE BRINGS BANK-GRADE RISK MANAGEMENT TO BITCOIN

Blockchain intelligence firm Elliptic and LexisNexis® Risk Solutions, a global data, technology and analytics firm, today announced a strategic alliance that integrates LexisNexis Risk Solutions extensive anti-money laundering risk management data into Elliptic’sBitcointransaction monitoring and compliance products.

The two firms have built a proof-of-concept that leverages financial intelligence data from LexisNexis Risk Solutions and presents it alongside Elliptic’s proprietary risk scoring – providing financial services firms and other companies the ability for the first time to have bank-grade risk management on Bitcoin transactions.

Elliptic will now use LexisNexis® Bridger Insight® XG platform that includes its WorldCompliance™ database to identify whether Bitcoin transactions are linked to identities that are considered heightened-risk individuals or entities and are on global sanctions watchlists.

“This alliance demonstrates how data, technology and analytics can be used in innovative ways to foster financial transparency, and ultimately, financial inclusion,” said Thomas C. Brown, SVP of U.S. Commercial Markets and Global Market Development at LexisNexis Risk Solutions. “More banks, fintech startups, payments companies and eCommerce businesses can further consider the usefulness of the permission less blockchain because as of today they are able to deploy best-of-breed money laundering screening against Bitcoin. As a result, the virtual currency potential evolves to a new level —  from possible conduit for money laundering to trusted technology along the economic value chain.”

In coming together, LexisNexis Risk Solutions and Elliptic represent a new global standard in risk management and KYC compliance for Bitcoin.

Elliptic CEO and co-founder, Dr. James Smith said, “Together, LexisNexis Risk Solutions and Elliptic have demonstrated that bank-grade anti-money laundering standards can be applied effectively in Bitcoin transactions. We are thrilled to be working with a firm so entrusted by the U.S. banking industry and this integration represents another big gain in efficiency and accuracy for Elliptic’s commercial and law enforcement clients.”

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