Coinify Selects Cybertonica to Deploy Industry-Leading Fraud Prevention and AML Technology Services
(London and Copenhagen, 08.06.2018) Coinify, an established global virtual currency platform, has signed a long-term agreement with Cybertonica, a fast-growth AI technology offering cross-channel real-time risk and fraud solutions, to implement a new industry standard for fraud management systems in the cryptocurrency world.
Coinify, the leading platform offering virtual currency trading and payment solutions, announced on June 6th at Money20/20 Europe their strategic partnership in anti-fraud and AML management with Cybertonica. Cybertonica’s risk intelligence platform prevents fraud through Machine Learning and AI, and will be used by Coinify to improve customer experience through frictionless checkout for the great majority of customers.
Cybertonica covers all channels of payments and monitors transaction systems against intrusion with its unique end-to-end detection logic. This partnership will make cryptocurrency trading and payments safer and more secure for Coinify’s users, while preventing chargebacks and regulatory risk.
“The team at Cybertonica are doing impressive work in turning the potential of Artificial Intelligence and Machine Learning into a practical, actionable reality,” said Coinify’s Chief Risk Officer, Sameer Ismail. “As virtual currencies come into focus with the 5th Anti-Money Laundering Directive, this partnership will help us achieve our goal of being regulatory pioneers in the blockchain payments space. Partnering with Cybertonica allows us further opportunity to be at the cutting edge of risk management.”
Cybertonica CEO Joshua Bower-Saul said: “Cybertonica with our CTO Sergey and the team have delivered a GDPR and PSD2 compliant strong authentication product and technology that we are now bringing to the future of money and omni-channel payments. We have no doubt that cryptocurrency, just like other electronic and mobile transaction formats over the last 20 years, will build momentum in the monetary, financial services and payment systems. Coinify and Cybertonica intend to revolutionise the way Coinify assures these services that are vital to the growth of its virtual currency platform. Coinify will become the most secure and optimised environment for the cryptocurrency customer, for trading with full transparency for the regulator. We are proud to work with the whole Coinify team who have led the way in Europe for Bitcoin and Crypto, to deliver this in a way that is going to give their business significant growth and added confidence to expand into new territories.”
The integration is already in progress and expected to be completed during the summer.
Coinify ApS is an established global virtual currency platform actively offering solutions in Europe, Asia and other regions. Coinify’s services include: individual currency trading, corporate brokerage, payment processing services, and Enterprise solutions via Coinify API. Coinify team consists of strong backgrounds in payments, finance, risk, e-commerce, and compliance areas and experience in working with digital currencies since 2010. The company was incorporated in 2014 and is backed by Nordic Eye Venture Capital, SEED Capital Denmark, SEB Venture Capital and Accelerace. Recent industry awards and recognitions include: Best Practices Award for ‘Global Blockchain Financial Service Provider 2017’ by Frost & Sullivan; ‘Emerging Star – FinTech 100’ by KPMG & H2 Ventures; ‘Top 100 FinTech Europe’ 2017 & 2016; Nordic Startup Award for ‘Best FinTech Startup Denmark 2017’; and ‘#22 in Top 50’ Financial IT Pathfinder Ranking. To learn more, please visit coinify.com.
Cybertonica uses Machine Learning and Artificial Intelligence to eliminate fraud, reduce basket drop-off and increase conversion for all channels of e-payments and transaction platforms. The company provides frictionless on-boarding, checkout and secure payments processing for e-commerce and digital banking. Cybertonica’s service increases conversion and sales by up to 25% while managing card-not-present and other categories of fraud at world-class compliant standards. Cybertonica has won numerous distinctions and awards since its product came to market, including Best Data Analytics & Science Award at the Merchant Payments Ecosystem 2018 Awards. The company is currently in the top 1% of FinTechs in Europe according to specialists working with PayPal who reviewed 1200 companies. Cybertonica also was named Best New Back Office Innovation at the Emerging Payments Awards 2017, selected as one of the European FinTech 100 companies, and identified among the 2017 top cybersecurity AI companies by CB Insights. To learn more, please visit cybertonica.com.