Sardine Released Insights for Risk Management

Sardine Released Insights for Risk Management
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Sardine, a market leader in fraud, compliance, and instant payment solutions, has released the launch of a new product that provides a real-time, holistic overview of an institution’s risk evaluation on its history of managing cryptocurrencies, digital assets, and traditional bank products and services. The service, entitled Insights, intends to connect data gaps between financial institutions, fintech, and cryptocurrency companies to improve risk management and enhance access to all segments of financial services.

Demand for money transfers between traditional finance (TradFi) and decentralized finance is rising as more people, businesses, and other organizations use blockchain-based services (DeFI). These two components remain siloed, with limited exchange of risk-related information, allowing fraudsters to exploit significant visibility gaps.

Ravi Loganathan, Head of Financial Institution Services at Sardine, commented, “The future success of financial services requires better alignment and collaboration between players in TradFi and Defi – Sardine aims to fill the visibility void. 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, we’re making proprietary data we’ve generated through our risk models available to any company with appropriate permissions so they can better assess counterparty risk when moving money.”

The losses from cryptocurrency fraud reached $680 million in 2021, an increase of 520% from 2020. It has created a destructive cycle in which financial institutions, to safeguard their clients from possible fraud, block or limit connectivity to crypto and fintech companies, restricting their expansion and avoiding genuine organizations from processing transactions or transferring funds into offerings they desire.

Clients can use Insights to call an API and receive real-time answers with risk scores, reputation levels, and device and behavioral intelligence for any applicable entity. Sardine created this product while adhering to the frameworks of applicable privacy laws and regulations.

Soups Ranjan, CEO of Sardine, stated, “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. We 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.”

Sardine has also continued to expand into crypto payment transactions with the release of its Crypto On Ramp service in collaboration with Metamask and Brave, as well as the launch of its NFT Checkout product in collaboration with Autograph.

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