Alchemy Pay has partnered with verification provider Sumsub to integrate its Travel Rule solution across its platform, aiming to bolster compliance as regulatory scrutiny of cryptocurrency transactions grows.
The Travel Rule requires virtual asset service providers to share information on transaction originators and beneficiaries, aligning crypto transfers with standards used in traditional finance.
The measure is intended to improve transparency and curb money laundering and terrorist financing.
With the integration, Alchemy Pay will use Sumsub’s infrastructure to automate secure data exchange with more than 1,800 counterparties connected to networks such as GTR, TRP, CODE and Sygna.
The system validates and transmits required information while keeping processes smooth for users.
Sumsub’s platform, which supports compliance in over 35 markets, adds to Alchemy Pay’s existing framework of KYC and AML checks, fraud detection and regional licensing.
The partnership comes as Alchemy Pay expands its regulatory footprint, having recently secured its 10th money transmitter license in the United States and extending its reach in Europe, the UK, Korea and Southeast Asia.
Featured image: Edited by Fintech News Singapore, based on image by user16766420 via Freepik
