iSignthis Ltd, a payment and identity technology company, announced on Thursday that is has signed an agreement with Prasos – a cryptocurrency service provider in Finland. As per the agreement, Prasos will use iSignthis’ PaydentityTM to process payments and for identity verification services.
Prasos provides cryptocurrency exchange and asset management services. The company was founded in 2012 in Finland. Since then, it has become one of the leading cryptocurrency service providers in the Nordics. The main brands it operates under are Coinmotion.com, Bittiraha.fi, and Denarium.
In the last financial year, Prasos received more than €140 million ($164 million) worth of deposits to purchase cryptocurrencies. The trading volume for its main broker services surpassed €220 million during the same time period. The partnership aims to help Prasos achieve its growth plans. This includes expanding its product offering while still meeting Anti-Money Laundering (AML) Know Your Customer (KYC) and transaction monitoring requirements.
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In order to be compliant with upcoming AML requirements, Prasos will use PaydentityTM for the digital identity verification of its clients. The process will also allow Prasos to accept, monitor and process payments from major card schemes.
In Australia, where iSignthis is based, digital currency exchanges are regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and therefore already need to comply with AML requirements. In the European Union, AML regulation is not yet in effect for crypto exchanges, but legislation has been proposed that will regulate the region in a similar manner.
Prasos Will Soon Accept Payments From JCB Cardholders
Earlier this year, Finance Magnates reported that through its ISXPay solution, iSignthis can now accept payments from JCB cardholders for merchants in the European Union. JCB is a major global payment brand in Japan with more than 100 million cards on issue across the world.
As part of the partnership, the cryptocurrency provider will also accept JCB Cards. This is a win/win as for Prasos it expands its payment capabilities while also assists iSignthis aid JCB in its mission to expand across Europe. Prasos will also have access to the Visa and Mastercard facilities that are available through Paydentity.