Wirex and Visa have joined forces to further the use of digital currencies in the UK and the European Economic Area (EEA).
By combining the strengths of both companies, the collaboration explores new opportunities to leverage and integrate innovative Visa cards and reduce friction in payment experiences.
Wirex Pay, a modular Zero Knowledge (ZK) payment chain
A major highlight of this partnership is the launch of Wirex Pay, the modular Zero Knowledge (ZK) payment chain incubated by Wirex that revolutionizes how users manage and spend both crypto and traditional currencies.
Standing as a crypto-native company holding Visa principal license capabilities for card issuance, Wirex will develop projects that integrate blockchain technology with traditional financial systems with the support of Visa.
Wirex, the first principal member of Visa Network in Europe
Svyatoslav Garal, Global Head of Payments at Wirex, said: “Being among the few crypto-native companies licensed by Visa for card issuance, and notably the first principal member of Visa Network in Europe, emphasizes Wirex’s pioneering role in the financial industry. At a time when the financial world is boldly moving towards Web3 and decentralization, the need for robust solutions for global funds movement remains essential. Key ecosystem players like Visa play a tremendous role in this shift. Wirex, a renowned innovator in both Web3 and traditional finance, is thrilled to partner with Visa in bridging the gap between these two spaces.”
Cuy Sheffield, Head of Crypto at Visa, said: “Partnering with Wirex to help integrate blockchain technology with traditional finance, including the launch of Wirex Pay, aligns closely with our vision for the future of payments while highlighting the importance of collaboration in driving fintech innovation.”
Wirex tapped ZeroFox to tackle Dark Web
Wirex recently integrated ZeroFox’s advanced Dark Web Monitoring tool into its system, combining human and artificial intelligence to actively scan the Dark Web for potential risks in real-time, such as leaked data and compromised credentials.
ZeroFox, a prominent US-based cybersecurity company, provides comprehensive visibility and protection across the surface, deep, and dark web. This collaboration enables Wirex to benefit from advanced monitoring capabilities, receiving detailed alerts about potential threats and their severity, facilitating a swift and effective response to incidents.
One of the primary objectives of this initiative is to combat mule accounts, a significant concern in the financial industry. The integrated system excels in identifying and responding to suspicious account activities, thereby reducing the risk of financial fraud and bolstering the security of user transactions.
Wirex leverages Sumsub’s KYC solution
It was in August 2023 that Wirex announced a partnership with Sumsub to integrate its Transaction Monitoring capabilities, Travel Rule compliance solutions for virtual asset transfers, and its KYC (Know Your Customer) software to verify the identity of new clients.
By leveraging the full-cycle verification platform, Wirex will be able to step up its compliance efforts at a time of great regulatory pressure in the digital asset space, namely with the new AML requirements by FATF.
The Financial Action Task Force (FATF) is enforcing that virtual asset service providers (VASPs) must adhere to Anti-Money Laundering (AML) regulations to uphold transparency and accountability standards. Sumsub’s solution enables secure Travel Rule information transfers between virtual VASPs, conducting all necessary KYC checks, AML screening, and verification orchestration in accordance with regulatory requirements and Wirex’s business needs.
The Travel Rule solution can be easily integrated with Sumsub’s advanced transaction monitoring (KYT) solution. Transaction monitoring encompasses a flexible set of procedures that typically include analyzing sender/receiver profiles, calculating risk scores, and cross-checking KYC and transaction data.
Sumsub’s Transaction Monitoring solutions assist Wirex in preventing financial fraud and maintaining compliance. Recent internal data revealed 70% of fraudulent activity occurs after the Know-Your-Customer (KYC) onboarding stage, highlighting the necessity for continuous monitoring.
