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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.