Skip to content
Identity verification plays a crucial role across numerous industries. Security and data protection have become veritable buzzwords as our lives move progressively into the digital realm. But cryptocurrency presents a slippery middle ground. Whilst much of the beauty of cryptocurrency lies in its anonymity, it is also important that the source of the funds sent by crypto users can be identified in order to verify and validate their authenticity and mitigate illicit activity.
In order to fully comply with national jurisdictions around the world and ensure our merchant community the highest level of security, ForumPay has partnered with two crypto verification and security platforms, Chainalysis and Sum & Substance. The latter is the subject of this article, which aims to shed light on this essential partnership and the benefits it provides to the ForumPay community.
About Sum & Substance
ForumPay’s partnership with Sub & Substance provides the highest level of KYC/AML compliance and security for our merchants. Sum & Substance specializes in identity verification and compliance solutions for a range of industries, including trading, fintech, online gaming, crypto, and companies that require identity verification. These solutions often encompass features such as document verification, facial recognition, biometric analysis, and risk assessment tools to help businesses verify their users’ identities securely and efficiently.
Sub & Substance allows ForumPay to monitor crypto transactions in real-time in order to detect anomalies, fraud attempts, and irregularities in transaction volumes. Whilst users’ personal identity remains anonymous, Sub & Substance use advanced crypto AML/KYC frameworks to cross-check user-provided information against global databases to detect any potential risks. Their KYC platform also ensures compliance with local and international regulations, enabling us to verify our users’ identities and minimize the risk of fraud and money laundering.
The importance of AML in the crypto industry
The rise of cryptocurrency adoption and its inherent anonymity has introduced increased concerns over illicit activities, such as money laundering. As such, robust anti-money laundering (AML) measures have been developed across the industry by various regulatory bodies, establishing AML compliance standards for businesses in crypto. These standards emphasize the importance of Know Your Customer (KYC) procedures and transaction monitoring systems to identify and report suspicious activities, which have bolstered trust within the industry and helped align it with broader international initiatives to combat financial crime. Effective AML compliance requires active, ongoing risk assessment and due diligence to identify and mitigate potential vulnerabilities proactively. Innovative solutions, such as those offered by Sum & Substance, further enhance AML efforts and allow businesses like ForumPay to automate processes, detect anomalies, and improve compliance from end to end.
ForumPay for merchants
For merchants looking to accept crypto payments, ForumPay provides a safe and secure crypto payment solution that removes the volatility associated with cryptocurrencies from the equation. Merchants receive instant payment confirmation as soon as a transaction is processed, and the buyer’s crypto funds are immediately converted into USD, EUR, GBP, or other traditional currencies, depending on where merchants operate. Given that ForumPay owns and operates its own exchange, we are able to aggregate price feeds and provide the best available exchange rate for the transaction in real-time. There is also zero risk of fraud or chargebacks, unlike with credit or debit cards, as cryptocurrency payments are final.
If you are a business or merchant and have yet to start accepting crypto payments, book a meeting with one of our crypto payment experts to find out more. Alternatively, visit forumpay.com for more information.
