Sardine rolls out 'Insights' to manage risk for financial institutions

Wednesday 19 October 2022 09:44 CET | News

Sardine has launched Insights, a product that offers real-time view of an entity’s risk based on its history transacting with crypto, digital assets, and bank products.


Providing visibility into an entity’s financial actions and history across both systems would allow all involved in a transaction to better protect shared customers. With Insights, Sardine is making proprietary data generated through its risk models available to any company with appropriate permissions so they can better assess counterparty risk when moving money.

Sardine has launched Insights, a product that offers real-time view of an entity’s risk based on its history transacting with crypto, digital assets, and bank products.

Knowing who you transact with

With Insights, users can call an API and receive a real-time response detailing risk score, reputation levels, and device and behavioural intelligence for any applicable entity. Sardine has built this product within frameworks of applicable privacy laws and regulations.

Company officials stated that as payments become increasingly real-time, comprehensive risk assessments on any entity conducting a transaction in TradFi or DeFi is critical in keeping bad actors from causing harm especially when settlement is instantaneous, and there is no option for chargebacks. They want to create an inclusive utility for the industry that improves collaboration between both systems and accelerates the development of tools to address common challenges. Insights is the first step in overcoming this growing industry challenge.

This new product announcement comes on the heels of rapid customer growth and funding news, including raising USD 51.5 million in Series B funding in September led by Andreessen Horowitz with strategic investments by Visa, Cross River Bank, Experian, and other financial institutions. Sardine has also expanded into crypto payments with its Crypto On Ramp product with Metamask and Brave, as well as the launch of its NFT Checkout product with Autograph.

The cryptocurrency fraud is rising

The number of US adults who own crypto assets will surge to 34 million in 2022. As more consumers, businesses, and other entities use blockchain-based services, there is a growing demand to move money between traditional finance (TradFi) and decentralised finance (DeFI). However, these two systems remain siloed with limited exchange of risk-related information, enabling fraudsters to exploit significant visibility gaps, as per the press release.

So much so, there were USD 680 million in crypto fraud losses in 2021, a 520% increase from 2020, says Sardine. This has led to a vicious cycle where financial institutions, who must protect their customers from potential fraud, block or limit connectivity to crypto and fintech companies, hampering their growth and preventing legitimate entities from transacting or moving money into services they want.

More information on Sardine

Sardine is on a mission to make payments instant and risk-free so consumers and businesses can move money confidently. Fraud is a burden on society, as slow payments and high-fraud rates reduce business growth and create systemic risk for the economy. Sardine enables companies to improve risk management by having an API for fraud detection and compliance within financial services. The company also offers instant settlement for crypto and NFT transactions.

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Keywords: API, fraud prevention, risk management, product launch, crypto
Categories: Fraud & Financial Crime
Companies: Sardine
Countries: World
This article is part of category

Fraud & Financial Crime


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