There’s no question that transparency and compliance have been a hurdle between a marriage of digital currencies such as bitcoin and the financial system. Companies operating in the area have to face an unsure playing field while banks and other companies are not able to efficiently follow compliance requirements around blockchain transactions. As the market continues to grow with more and more entities adopting blockchain and digital currencies so does the urgency for a service that efficiently provides enough transparency and risk analysis for businesses and institutions to properly follow requirements. Also, without clear and efficient insight into blockchain assets and transactions, companies and institutions lack a complete picture when going through traditional compliance and analysis procedures. Integrating Bisnode’s global database with one of the largest structured blockchain database’s that sits behind Coinfirm’s platform solves both needs with a powerful one-stop shop solution.
Coinfirm’s platform is blockchain and digital currency agnostic but their main service addresses AML risk and compliance for bitcoin’s public blockchain. The combination of their blockchain analysis and compliance platform with one of the leading data and analytics companies births opportunities and addresses problems affecting both the traditional and blockchain markets.
“A major player in blockchain compliance and analysis and a major player in business intelligence and data analysis coming together is an obvious powerful combo that affects both the traditional and blockchain related business equation,” said Pawel Kuskowski, CEO & Co-Founder of Coinfirm. “Not only is it taking AML, KYC and compliance for the growing digital currency and blockchain ecosystem into the next sphere but also doing the same for the overall compliance and business intelligence world. It’s a no-brainer for both of us and for what the market needs and will increasingly need.”
The problems around compliance and risk analysis in the traditional financial system are well known and being repeated in the blockchain ecosystem with large battles and costs for entities operating within. Companies and institutions receive vast amounts of data and must dedicate significant additional amounts of labor, time and resources to sift through all of it and pull out actionable conclusions, and the situation for bitcoin and other digital currency-related companies is the same. Bisnode and Coinfirm’s services are going to help change this reality with Coinfirm’s platform delivering clear actionable insights like risk ratings and recommendations that streamlines compliance and significantly reduces costs and risk around blockchain transactions. Now companies can run complete analysis and compliance for both systems through a single service and do so with a level of efficiency unlike before. So not only does the partnership add a new element to managing risk and compliance for both systems but allows digital currencies and blockchain transactions to be more widely and institutionally adopted while being easier to use for everyone involved.
The two companies are currently integrating solutions and data to jointly begin offering services such as Compliance as a Service for digital currency-related companies, AML/KYC compliance and risk assessment with combined analysis over traditional and blockchain based assets, providing verifiable information for external auditors about blockchain assets, and enhancement of anti-fraud investigations.
A combined API is also in the works that is to provide the ultimate compliance solution with complete integration of traditional and blockchain-related assessments.
A blockchain technology company with a specific focus on Compliance as a Service, Coinfirm built the first blockchain risk and compliance platform as well as the first blockchain lab in Central Europe. Coinfirm brings transparency and security to blockchain transactions while solving the AML/CTF/Sanctions and counterparty risk management problem. Blockchain and digital currency agnostic, the Coinfirm platform is utilizable for many potential applications and lays a foundation for the adoption of digital currencies and blockchain that ensures parties are compliant and operate in a safe environment.
Bisnode is a leading European Data & Analytics company, with operations in 18 countries and 2,400 employees. Bisnode helps companies find and manage their customers throughout the customer lifecycle. We do this by pioneering Smart Data to enable our customers to make Smart Decisions. It means that we can match and analyze our customer’s data with our data and the data that today’s connected world generates, so-called Big Data. More than 150,000 customers benefit from our Smart Data as a service. We help them manage their data, manage risks in their customer portfolios and strengthen their overall decision ability – ultimately increasing their sales and revenues. Our database is unique, comprising a large share of companies, individuals, real estate and vehicles. Bisnode is the largest strategic partner of Dun & Bradstreet, the global provider of business information for more than 250 million companies in 220 countries since 2002.