New developments in the cryptocurrency market continue to come to the surface as reports reveal that payment service supplier Coinify will be provided with KYC services by iSignthis.
By the start of next year, the partner agreement will allow Coinify to have access to iSignthis’ digital KYC services, evidence of identity (EOI) and strong customer authentication (SCA) services, as well as, card acceptance and processing.
Managing director of iSignthis Ltd, John Karantzis, believes that Coinify is the EU market leader and one of the top five bitcoin processor. “The opportunity for both iSignthis and Coinify is immense, with AML compliance being one of the last barriers towards bitcoin gaining mainstream acceptance. iSignthis will be processing payments and identity directly to Coinify’s acquiring bank, Clearhaus, in order to provide an integrated KYC identity, antifraud and transaction management service, allowing Coinify to now accept cards as payment for bitcoin purchase,” Karantzis says.
Blockchain technology offers a new era for security alongside global payments and this is highlighted by the CFO of Coinify, Christian Visti Larsen. “iSignthis has a very strong identification process, combined with the transparency of the blockchain technology and our 3rd party audit to the stringent ISAE 3402 assurance standard, we now have a KYC and evidence of identity that outperform the current financial sector,” Larsen mentioned.
As a digital payment platform provider specialising in extending bitcoin processing and trading services to merchants and consumers, Coinify provides a plug-in for popular platforms that allow businesses to accept bitcoin and receive settlement in other currencies.
The testing phase comes ahead of November’s scheduled go-live of the pan-European instant payment infrastructure platform.
The industry needs to digitise its core businesses, cuts costs and create increased shareholder value, concludes a report from Oliver Wyman.
Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit signed a memorandum of understanding in Brussels for developing digital trade chain (DTC).
Proof of Concept has been launched to determine if distributed ledger technology could help banks reconcile their nostro databases in real time.