SAN FRANCISCO, April 21, 2020 /PRNewswire/ -- Beam Solutions announced today that Wyre, the leading infrastructure provider in crypto, selected Beam to provide its next-generation anti-money laundering compliance platform.
"We were looking for a world-class, turnkey compliance platform that we could integrate with our crypto forensics tools," said Michael Dunworth, CEO at Wyre. "Beam's SaaS solution provides identity verification and transaction monitoring in a single platform that is more cost effective than the individual compliance tools we were using before. Their ability to consolidate providers is a real plus for us."
Mike Bombace, VP - Legal & Compliance at Wyre, was impressed by Beam's deep industry knowledge. "Their leadership has many years of experience with compliance, and they understand exactly what our pain points are," he said. "Beam's out-of-the-box rules perfectly suit our needs. I'm pleased that we will be able to launch quickly with minimal resources and effort, and that their platform will easily scale with us as our team grows."
"Wyre is disrupting crypto by providing a secure, compliant infrastructure that enables their partners to create cutting-edge tools on the blockchain," said Ben Duranske, CEO and co-founder of Beam. "We are delighted that Beam's compliance platform will play a key role in ensuring cryptocurrency is traded safely and successfully around the globe."
About Beam Solutions
Beam Solutions provides the leading cloud-based anti-money laundering (AML) compliance platform. Beam's secure, rapidly deployable solutions help organizations safeguard the financial system against criminal activity and protect themselves from reputational risk. Designed by compliance industry veterans, Beam's platform includes transaction monitoring, Know Your Customer (KYC), sanctions screening, identity verification (IDV), case management, suspicious activity reporting (SAR), and more.
Beam's superior detection engine uses machine learning and advanced data sources to catch more suspicious activity while dramatically reducing false positives. The easy-to-use case manager provides powerful insights and automated regulatory reporting. Beam significantly increases the efficiency and effectiveness of compliance teams at financial institutions, fintechs, marketplaces, and more.
Wyre is the leading infrastructure provider in crypto. After trading over $3.5 billion in cryptocurrency assets and completing over $750 million in bank-to-bank FX payments, they have an established network of relationships with leading banks and exchanges. They focus on compliance, licensing, and regulatory aspects so their partners can do what they do best, creating amazing tools on the blockchain.
Established in 2013, Wyre has put its stamp on the fintech world. They've grown their expertise in crypto wallets, virtual bank accounts, cross-border money transfer, and corporate payments, and they're using that knowledge now to help other crypto projects grow by providing the infrastructure.
SOURCE Beam Solutions