iSignthis & Coinify deliver AML regulatory compliance via Blockchain
APRIL 4TH, 2016; MONEY 20/20 EUROPE, COPENHAGEN, DENMARK – The strategic partnership between fintech industry’s innovative KYC compliance service provider, iSignthis Ltd (ASX : ISX) (‘iSignthis’), and the leading blockchain payments provider, Coinify ApS (Coinify), delivers service commencement of a new global product connecting blockchain payments, KYC identity & credit cards.
Enabled by ‘top of class’ AML/CTF KYC services by iSignthis, the new payment product will allow instant bitcoin purchases on the Coinify platform. This development will support majority of the credit card types and will open the option to use Coinify Trade platform internationally. The Coinify trade platform acts as a processor of up to 17 blockchain currencies, as well as an exchange. In a world first, identity will be able to be linked by end users to transactions, in order to meet AML/CTF regulations for customer due diligence and KYC. iSignthis will also refer their customers interested in processing ‘identified’ bitcoin to Coinify.
N J (John) Karantzis, CEO and Managing Director of iSignthis, said: “We are delighted to be working with Coinify on such a significant application of the blockchain. Coinify are the only blockchain currency company we have chosen to work with, as commercial development of the application requires cooperation across a number of areas. Coinify brings a solid understanding of the KYC requirements to bring digital currency to industry at large, employed on the highest standards, together with a very effective anti-money laundering programme. We are delighted to be exhibiting and presenting at Money 20/20 Europe, and look forward to this year’s conference.”
Coinify CEO and co-founder, Mark Højgaard said: “Cooperation with iSignthis strengthens our efforts for proactive compliant regulation and gives us high integrity. Coinify can now offer even stronger product, both in terms of usability and accessibility. I can see a lot of opportunities coming from the expansion of Trade services beyond the SEPA space, meaning that now both, the payment processing and the trading parts of our platform, are globally available.” The result is that Coinify Trade will begin accepting MC and VISA credit cards issued outside the SEPA area, including those not supporting 3D Secure.
Hamed Sattari, CTO at Coinify, has specified on the functionality of the new product: “Buying bitcoin is often associated with a cumbersome verification process and slow delivery times. Allowing customers to securely buy bitcoins and have them delivered instantly is a very sought after service in the eyes of our customers and also one of our main goals. Using iSignthis’ services, we get a strong customer authentication and a smooth KYC process that ties cards to a specific user. This provides us with a secure token that can be used onwards for making instant purchases with extended security and PIN code.”