Bitnet selects Sphonic for bitcoin AML transaction monitoring and KYC services

Source: Sphonic

Sphonic (Symphonic Solutions Ltd) based in Marylebone in London, UK and Seattle, USA has been selected by Bitnet Technologies to provide Global AML (Anti Money Laundering) Transaction Monitoring and KYC / KYB (Know Your Customer and Know Your Business) services in support of their Bitcoin payment processing service.

The deal results in Bitnet becoming Sphonic's first client in the United States having recently appointed ex-MRC Chairman Tom Sullivan as its MD of Americas. The innovative Workflow Manager (WFM) solution from Sphonic will enable Bitnet to build a complete digital picture of each of its customers, allowing them to combine data from a variety of sources for unparalleled visibility over their user base activity. Leveraging data from some of the world's leading data, identity and risk management vendors Sphonic provides greater context around data to derive the significance of customer registrations and transactions. With Sphonic's AML (Transaction Monitoring) SaaS product Bitnet will be able to regulate and monitor all transactions.

Bitnet launched in January 2014 to enable Bitcoin payments for enterprise level merchants around the globe. Bitnet recently announced a $14.5 million Series A funding round from Highland Capital Partners and existing investors. In addition to Highland, new investors include Rakuten, the largest ecommerce site in Japan and one of the world's largest by sales. The funding comes as Bitnet launches its platform and builds teams for sales, marketing and customer support. Sphonic will provide bank-level compliance and trust services to Bitnet to ensure all parties involved in the platform have the maximum protection available.

Both organizations are sponsors at Money2020 in Las Vegas from November 2nd to 5th 2014. Bitnet will be at Booth #605 and Sphonic at Booth HHH.

"Given our focus on enterprise-level merchant across the globe, we sought an agile flexible solution to manage trust, risk and compliance around KYC and AML for our growing customer base." Jon McDonnell CEO of Bitnet said. "We are impressed with the innovation in the Sphonic technology to manage large scale client projects with a growing list of impressive digital clients."
Sphonic's FACTS (Focus Around Customer Transaction Significance)-based approach to customer enablement and risk management was developed by its founder and Chief Product Officer, Andy Lee. Andy has a wealth of experience in advising major organisations in their digital risk management strategy, which led to the development of Sphonic. The approach of using FACTS extracts the big data, derived from the third-party vendors' technologies, and then transforms it into significant, relevant data to provide a more intuitive, friction-free approach to customer identity risk management and authentication.

"We are delighted to be selected by Bitnet, after working with the client to understand their challenges in the fast-moving space of Bitcoin payments," said Tom Sullivan, MD of Sphonic Americas. "Our technology enables a whole range of digital clients across the globe to access some of the leading data technologies in the fraud, identity and risk management space through a single API, meaning an organization like Bitnet can receive a best-in-class solution and be compliant with the global regulatory environment."

Sphonic supports a number of leading brands to manage the complexity of KYC Regulation and risk management in a challenging digital environment. Sphonic's flexible WFM solution works across the entire digital commerce eco-system, e.g. customer identity and on-boarding, transaction screening, payments, wallets, ebanking and m-banking. Sphonic works with leading vendors in the risk management space who provide identity services, device fingerprinting, IP geo-location, URL tracking, negative data, behavioral biometrics and a whole host of other technologies through a single API to serve the end client. By working in collaboration with the industry Sphonic is able to service a global client base, demonstrating value to all of its vendor partners. 

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