TESOBE, Coinfirm partner for crypto Open Banking

To realise their purpose, the two companies look to strengthen the bond of Open Banking practices and the crypto economy through advanced blockchain compliance solutions.

With the passing of the EU’s Payment Services Directive Two (PSD2), TradFi institutions have incorporated the rapidly growing fintech ecosystem into their networks. As blockchain continues to incorporate a greater range of financial service offerings that complement and advance upon current market solutions, Coinfirm considers Open Banking to be a key crossroad point for multiple sectors to integrate for the increased efficiency of offerings to customers. 

Since 2010, the Open Bank Project has enabled financial institutions to leverage open APIs to comply with regulations and become digital leaders. This partnership addresses gaps in current AML programs by bringing blockchain AML risk management capabilities to traditional finance.

By deploying Coinfirm’s AML/CFT analytics to combat money laundering and the financing of terrorism, TESOBE’s obliged entities’ network can follow global crypto AML guidelines, the EU’s 6AMLD, and other supernational and national regulations.