Alchemy Pay, a fiat-crypto payment gateway, has partnered with Sumsub to integrate its Travel Rule solution across all its products. This move aims to optimise global compliance and security.
This integration marks an important step in strengthening regulatory compliance, transactional transparency, and user security. Additionally, the partnership aligns with Alchemy Pay's goal to create a secure, compliant, and accessible bridge between traditional finance and the crypto ecosystem.
As the adoption of cryptocurrency increases globally, regulatory frameworks such as the Travel Rule are being implemented to ensure that VASPs maintain transparency in crypto transactions. This solution requires the secure exchange of originator and beneficiary information during these transactions, enabling traceability and oversight to reduce illicit activities.
Sumsub’s Travel Rule solution connects with an extensive network of over 1.800 VASPs across important protocols such as GTR, TRP, CODE, and Sygna. By adopting Sumsub’s solution, Alchemy Pay is improving its platform with automated and secure data exchange protocols. This integration enables optimal information sharing between counterparties in virtual asset transfers. Sumsub’s infrastructure will strengthen Alchemy Pay’s ability to collect, validate, and transmit required transaction data while maintaining an optimal user experience.
Sumsub is a verification platform that helps businesses manage user and business onboarding, combat fraud, and stay compliant with regulations. Its technology complements Alchemy Pay’s multi-layered compliance framework, which includes KYC/AML procedures, fraud detection, and regional licensing. Sumsub’s rules engine, covering 35 markets with 10 jurisdiction-specific rule bundles, automates Travel Rule compliance, optimising Alchemy Pay’s readiness in strict regulatory environments and building trust with both institutional and retail users.
Alchemy Pay expands its regulatory presence
The integration comes at an important time as Alchemy Pay continues to expand its regulatory presence globally, recently gaining a Money Transmitter License (MTL) in the US. With this licence, Alchemy Pay holds MTLs in ten US states, including Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, Wyoming, and Arizona.
