Denmark-based digital payments firm Nets, has entered into collaboration with blockchain company Chainalysis for validation of virtual currencies.
The collaboration will enable Nordic banks to cope up with strict anti-money-laundering requirements with respect to a growing market for virtual currencies. Chainalysis has been helping investigatory authorities worldwide in analyzing bitcoin payments in order to validate and confirm whether they comply with anti-money-laundering legislation.
“Collaborating with Nets in this way gives us a sound platform from which to extend our tools to the Nordic banks. Many of them are keen to be able to have their customers’ Bitcoin transactions validated,” Michael Grønager, co-founder and CEO of Chainalysis, stated.
As bitcoins carry a lot of history with it every time when they are transacted, it is comparable to the ability to trace the serial number of a banknote and view previous transactions involving it. Also, it is possible to analyze with the right tools, what types of transactions have previously been completed using the currency.
“Several of our customers among the Nordic banks have been looking for an effective tool to assist them in complying with legislation. In fact, I believe many banks have held back on facilitating Bitcoin payments because they didn’t have the tool we are now able to offer them,” Kati Rintala, Nets’ Head of Fraud & Dispute Services, commented.
With the collaboration, the analysis tool of Chainalysis will become a part of the Nets Fraud & Disputes Services portfolio in order to help banks discover and identify fraudulent payments.
