United States’ Provident Bank announces use of Bitfury’s analytics platform for ‘digital asset compliance’

  • 10 July 2019, Wednesday, 08:40

Blockchain technology company, Bitfury, has announced its partnership with U.S-based Provident Bank, in an attempt to provide banking services to digital asset firms.

In a recent blog post, the company revealed that the Provident Bank would use Bitfury’s Crystal blockchain analytics to monitor transactions, as well as power the recruiting procedures of a potential client. Through the collaboration, the bank will use the analytics platform for “new digital asset compliance,” which would include anti-money laundering services.

The blog post also said that the Provident Bank demands clients with digital assets have “strong AML and BSA compliance program,” while complying with existing regulations in the ecosystem. Soon after this is reviewed and approved, customers would be provided with a “Relationship Manager,” reducing the need to access the bank’s customer service center.

Dave Mansfield, CEO of the Provident Bank, expressed his views on the latest collaboration. He said,

“Security, client data and AML compliance are top priorities for The Provident Bank.Early in the development of our digital asset initiative, we began vetting potential Regtech partners and found the expert-led Crystal Blockchain platform to be the type of essential partner required to be the market leader in crypto deposits.”

Further, the post said that the Provident Bank is inclined towards improving customer service. The blog post read,

“Equipped with the information and analytics the software provides, The Provident Bank seeks to gain a better understanding of client activity and subsequently, how to best address client needs.”

The Crystal blockchain platform will provide transaction monitoring solutions, which would further enable clients of the bank to easily access and view their activities on the public blockchain.

Marina Khaustova, CEO of Crystal Blockchain, addressed the expansion. She said,

“The cryptocurrency and blockchain industries represent a growing sector that is increasingly important as companies adopt digital assets.We are honored to be partnering with the Provident Bank to extend banking services and compliance platforms to this industry through the use of our leading compliance and AML platform.”

Source: ambcrypto.com