When it comes to accepting Bitcoin and other cryptocurrency payments, merchants need to be 100% confident that all transactions are safe. It’s a fact that cryptocurrency payments offer users a safer way to pay for goods and services by the very nature of blockchain technology itself, but fraud is omnipresent on the internet so there is always the potential for hacking or other illicit activities such as money laundering.
Therefore, any reputable payments provider needs to have water-tight measures in place to ensure the safety and security of their clients and all transactions that pass through their system.
KYT/AML Checks
For this reason, it is very important for a business to monitor their transactions by way of KYT (Know Your Transaction) and AML (Anti-Money Laundering) checks.
KYT is the cryptocurrency world’s equivalent to the Know Your Customer regulation we are familiar with in traditional banking. KYT looks at various aspects relating to each transaction in order to provide a detailed digital picture, for example, data on the type of device, time, amount, counterparty, language, and more in real-time. Artificial Intelligence then uses this information to match the data with customer profiles to give an accurate and up-to-date risk view for each transaction.
Businesses also need to be aware of the potential for money laundering and should have in place AML (Anti-Money Laundering) procedures. Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions.
AML refers to all policies and legislation that force financial institutions to proactively monitor their clients in order to prevent money laundering and corruption. Anti-money laundering laws cover a range of transactions and criminal behavior.
Both KYT and AML procedures are not only important for EU regulated crypto payment service providers that are bound by strict rules and regulations, but for all entities providing related services who have an obligation to ensure their clients, as well as their business operations, are safe and secure.
Crystal Analytics
As one of the leading payment processors in the crypto sphere, EU regulated crypto payment service provider, B2BinPay (a part of the B2Broker group of companies) enables businesses to send, receive, store, exchange, and accept cryptocurrency payments online, safely, securely, and cost-effectively globally in minutes.
Its growing user-base of cryptocurrency exchanges, forex brokers, online stores, and other merchants can conduct their operations safely and confidently in the knowledge that for the last 2 years, the company has cooperated with Crystal Blockchain, a blockchain analytics platform engineered by the Bitfury Group, integrating Crystal analytics into its platform to strengthen its anti-money laundering compliance.
The Crystal analytics platform is designed to better verify customers and their audit balances in order to prevent money laundering and other illicit activities on the B2BinPay platform. Crystal analytics provides a deep insight into cryptocurrency transactions, including identities, risk scores, and transaction histories, which is used by B2BinPay to enhance its due diligence and apply smarter cryptocurrency compliance processes.
Crystal is the ideal platform for digital asset companies looking to improve their AML and security procedures, helping to fight against illicit actions on blockchains while allowing for better compliance and more security for B2BinPay users and the blockchain community as a whole.
B2BinPay has thus chosen to collaborate with the industry’s leading KYT compliance technology to ensure that all its clients measure up in terms of anti-money laundering requirements. Complete data-centric information about transactions ensures that crypto businesses comply with their regulator:
✔Fully compliant with local and global regulations
✔Track the legitimacy of crypto funds
✔Enhances due diligence and AML compliance procedures for all businesses involved with cryptocurrency
✔Comply with AML/CTF regulations with in-depth case by case investigations
✔Identify any criminal activity on the blockchain
✔Monitor and control over risky transactions
✔Automatically identify high-risk activities Tracking ransomware payments
More About B2BinPay
Offering cryptocurrency payments can prove advantageous to a business and many are already reaping the rewards with this lucrative new revenue stream. Not only can you offer your current clients an additional transaction method by accepting Bitcoin as payment, for example, it is also an effective way to attract new clients which will ultimately help you increase your company revenue.
By integrating B2BinPay businesses can offer their clients endless possibilities:
✔Send. Unlike sending money abroad, you can send Bitcoin or any other cryptocurrency to anyone, virtually anywhere in the world.
✔Accept. Offer your customers Bitcoin, Ether, Ripple’s XRP, Bitcoin Cash, Litecoin, and lots more as a payment option
✔Hold. Many customers hold onto their Bitcoin in the hope its value will rise. Store your Bitcoin in your B2BinPay account or transfer it to a private wallet.
✔Transfer. If you want to send crypto to your own wallet, you can do so whenever you need to, easily and quickly.
✔Convert. The conversion of Bitcoin is simple. Any portion of your Bitcoin balance can be converted to another crypto on demand.
Supported Coins, StableCoins and Tokens
Coins: BTC, ETH, LTC, DASH, BNB, ADA, XMR, BCH, XRP, NEO, NEM, XLM, ZEC, EOS.
Stablecoins: USDT, USDC, GUSD, PAX, TUSD.
Tokens: OMG, BAT, KCS, and many other tokens.
Overall, B2BinPay is an effective way to accept crypto payments and one of the industry’s most popular solutions, thanks to its high-level functionality, ease of use, and attention to the highest level of digital asset compliance. Secure, legitimate, and transparent transactions are par for the course with B2BinPay.
Contact us today!
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.