European data and analytics company, Bisnode and blockchain tech company Confirm are integrating solutions and bringing a new suite of blockchain, business intelligence and compliance services to the market in an effort to overcome transparency and compliance issues. The service will integrate Bisnode’s global database with the extensive structured blockchain database’s that sits behind Coinfirm’s platform in a bid to solve both needs with one solution.
Coinfirm’s platform is blockchain and digital currency agnostic but its main service addresses AML risk and compliance for bitcoin’s public blockchain. Combining this blockchain analysis and compliance platform with the data and analytics companies aims to provide opportunities and address problems affecting both the traditional and blockchain markets.
Pawel Kuskowski, CEO & Co-Founder of Coinfirm, commented: “A major player in blockchain compliance and analysis and a major player in business intelligence and data analysis coming together is an obvious powerful combo that affects both the traditional and blockchain related business equation. Not only is it taking AML, KYC and compliance for the growing digital currency and blockchain ecosystem into the next sphere but also doing the same for the overall compliance and business intelligence world. It’s a no-brainer for both of us and for what the market needs and will increasingly need.”
The obstacles and cost of compliance and risk analysis is a similar issue for traditional and blockchain sustems. Bisnode and Coinfirm’s services aim to help change this with Coinfirm’s platform providing actionable insights like risk ratings and recommendations that streamlines compliance reduces costs and risk around blockchain transactions. Companies will have the ability to run complete analysis and compliance for both systems through a single service with greater efficiency. It should also help digital currencies and blockchain transactions to be more widely and institutionally adopted while being easier to use.
The two companies are currently integrating solutions and data to jointly begin offering services such as Compliance as a Service for digital currency-related companies, AML/KYC compliance and risk assessment with combined analysis over traditional and blockchain based assets, providing verifiable information for external auditors about blockchain assets, and enhancement of anti-fraud investigations.
A combined API is also in the works that is to provide the ultimate compliance solution with complete integration of traditional and blockchain-related assessments.