Danish payments processor Nets has joined forces with distributed ledger technology provider Chainalysis to help banks validate virtual currencies such as bitcoin and comply with anti-money laundering rules.

Chainalysis, which also collaborates with Europol, detects suspicious activity and helps track digital identities.

Under the partnership with Nets, the analysis tool of Chainalysis will form part of the Nets Fraud & Disputes Services portfolio to help banks identify suspicious transactions.

Nets head of fraud and dispute services Kati Rintala said: “Several of our customers among the Nordic banks have been looking for an effective tool to assist them in complying with legislation. In fact, I believe many banks have held back on facilitating Bitcoin payments because they didn’t have the tool we are now able to offer them.”

Chainalysis co-founder and CEO Michael Gronager said: “Collaborating with Nets in this way gives us a sound platform from which to extend our tools to the Nordic banks. Many of them are keen to be able to have their customers’ Bitcoin transactions validated.”

Nets offers services to over 240 financial institutions in the Nordics including Danske Bank, DNB and Nordea.

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By GlobalData