Revolut to deploy Elliptic tools for transaction monitoring

British fintech startup Revolut is integrating Elliptic’s solutions, which specialize in tracking transactions on public blockchains.

We are pleased to announce today, that @RevolutApp the fast growing fintech with more than 15 million customers, has integrated with Elliptic’s crypto compliance software!

Get all the details here ➡️ https://t.co/JLiDWzDf6Z#Finance #Banking #Crypto #AML #Compliance pic.twitter.com/cdLJFph7cH

— elliptic (@elliptic) May 11, 2021

Revolut will use Elliptic’s three tools:

• Lens, designed to screen digital wallets and identify their owners;
• Navigator, enabling analysis of cryptocurrency transactions;
• Forensics, focused on studying user activity and investigating incidents.

According to Revolut’s head of its crypto division, the integration with Elliptic is part of the online bank’s efforts to meet regulatory requirements in the United Kingdom.

“[Elliptic] has provided us with an integrated, automated solution for regulatory compliance. The tools are tailored to our risk tolerance parameters, and they enable us to meet the requirements of the Financial Conduct Authority and other standards,” added Cooper.

Elliptic clients have access to analysis of transactions across more than 100 cryptocurrencies. According to the company, its monitoring covers 97% of transactions by the aggregate trading volume of digital assets.

In May 2021, Revolut launched a beta version of a service that allowed to withdraw the bitcoins purchased in the app. The option is available to Metal subscribers in the United Kingdom.

In April, the online bank added support for 11 additional cryptocurrencies, raising their total to 21.

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