FICO and Crystal Blockchain of Bitfury Group to Deliver Real-Time Cryptocurrency Risk Management
This week FICO, a global analytics leader, and Crystal Blockchain of Bitfury Group, a digital currency analytics company, announced a partnership to provide cryptocurrency risk management and monitoring services. With an increasing number of financial service providers looking to expand services into the crypto market, the joint offering will help to protect new business models and effectively connect the worlds of virtual and fiat currency for the benefit of their customers.
Banks have been hesitant to engage in crypto business due to the complexity of tracing transactions and measuring risk on the blockchain in order to combat money laundering activities. Combining FICO’s industry-leading financial crime solutions with Crystal’s blockchain analysis, the joint offering will help banks assess the risk of their clients’ crypto business at the onboarding stage, as well as monitor that risk on all active accounts. This unique combination will enable banks to fully understand and actively manage the risk-exposure from customers – individuals and corporations alike – that engage in virtual currency transactions. With rigorous KYC and AML controls in place, banks can expand their service portfolio into the fast growing market of virtual assets, while managing crypto-related risks.