IdentityMind to provide Bittrex with transaction monitoring services

KYC and AML solution provider IdentityMind will support the transaction monitoring of blockchain-based trading platform Bittrex through new partnership.

This deal will see Bittrex use IdentityMind’s Digital Identities platform for automated transaction monitoring as a core function of its AML program.

US-based Bittrex is a digital asset trading platform which supports quick trade execution, digital wallets and high-grade security protocols. The international trading platform hopes to improve the token trading ecosystem.

Bittrex hopes this deal will strengthen its technology as it expands its services across Europe.

IdentityMind president and CEO Garrett Gafke said, “We continue to invest in how our clients can quickly turn their manual processes into automated transaction monitoring and cost-effective compliance operations,”

“It is clear to us that in order for financial institutions to take advantage of the advancement in compliance technology, we have to integrate quickly and seamlessly into their day-to-day operations. We are thrilled to help Bittrex, one of the most important digital exchange platforms in the world, in adopting and realizing the benefits of automated transaction monitoring.”

IdentityMind provides digital currency exchanges with tools to meet compliance requirements of KYC and AML regulations around the world. Clients can implement the technology to reduce client onboarding fraud and transaction fraud, improve AML, sanctions screening and KYC processes.

The platform builds, validates and risk scores digital identities through electronic DNA technology to ensure compliance throughout a customer’s lifecycle. IdentityMind securely tracks the entities involved in every transaction, building reputations and helping other companies to identify and protect themselves from potential fraud.

This is the second partnership completed by IdentityMind this month. The RegTech 100 company recently formed a partnership with Investor ID, deploying its compliance and risk management tools.

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