The Workflow Manager (WFM) solution from Sphonic will enable Bitnet to create customer profiles, allowing them to combine data from a variety of sources for visibility over their user base activity. With Sphonics AML (Transaction Monitoring) SaaS product Bitnet will be able to regulate and monitor all transactions.
Bitnet launched in January 2014 to enable Bitcoin payments for enterprise level merchants around the globe. Bitnet recently announced a USD 14.5 million Series A funding round from Highland Capital Partners and existing investors.
Sphonic’s FACTS (Focus Around Customer Transaction Significance)-based approach to customer enablement and risk management was developed by its Founder and Chief Product Officer, Andy Lee. By using FACTS, which extracts big data, derived from the third-party vendors technologies, one transforms it into relevant data to provide a friction-free approach to customer identity risk management and authentication.
Bitnet provides a digital commerce platform enabling enterprise-scale merchants to accept Bitcoin payments. Bitnet’s platform includes developer-focused RESTful hypermedia APIs and SDKs, a hosted Checkout product and prebuilt integrations to key third-party software systems.
Bitnet’s engineering, product and business development team helped build and manage the payment gateway CyberSource, which was sold to Visa for USD 2 billion in 2010.
Sphonic is the trading name of Symphonic Solutions. The company was recently established with backing from private investors to develop and launch Workflow Manager.
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