Sumsub, a global full-cycle verification and compliance provider, has completed the integration of its Travel Rule solution with Binance, the crypto exchange platform, through the Global Travel Rule (GTR) Alliance.

Sumsub hopes to support Virtual Asset Service Providers (VASPs), financial institutions, and fintech companies involved in crypto transactions in validating transaction data when working with Binance, via the integration.

The new integrated solution will look to provide access to a large ecosystem of Virtual Asset Service Providers (VASPs) who are participants of Sumsub Travel Rule ecosystem, as well as financial institutions and fintech companies involved in crypto transactions to ensure secure transaction data validation when dealing with Binance entities which in total encompass over 183 million users.

By leveraging Sumsub’s crypto expertise and cutting-edge technologies, the companies are building interoperability to address the so-called sunrise issue, which is the biggest challenge in the crypto compliance space – namely, that the counterparties are not reachable due to the fact that not all VASPs become obliged to adhere to the Travel Rule requirements.

Steve Christie, deputy chief compliance officer at Binance, commented: “Global Travel Rule Alliance is an exciting step forward in solidifying our international compliance efforts.

“We’re particularly enthusiastic about the ability it gives us to consolidate our efforts globally, moving past the challenge of fragmented regional integrations. This move doesn’t just bring us into alignment with FATF’s global standards – it’s about proactively providing our extensive user base with the assurance that their data and transactions are secure. This alliance amplifies the trust, security, and transparency that our users can expect at Binance.”

With a focus on global interoperability, regulatory assurance, and market credibility, the partnership is a giant step towards ensuring streamlined and interconnected cryptocurrency transactions.

Ensuring interoperability in the crypto space

Founded in 2017, Binance has been among Sumsub’s clients since 2021. In March 2023, Sumsub benchmarked the crypto industry by launching its protocol-agnostic Travel Rule solution, offering a full compliance toolkit across the whole customer lifecycle.

Jacob Sever, co-founder and chief innovation officer at Sumsub, explained the importance of the development: “Integrating with Global Travel Rule Alliance is a significant milestone for us, underscoring the importance of collaboration in the crypto space. The integration of the GTR protocol with Sumsub’s Travel Rule solution is a major advancement in ensuring interoperability and addressing the sunrise issue.

“By enabling seamless interaction between members of both ecosystems, this partnership not only enhances the infrastructure of the global crypto ecosystem but also fosters trust both within and outside the industry. Looking forward, Sumsub is empowered to work toward natively integrating other protocols into its Travel Rule solution in the future.”

In October 2023, Sumsub analysed over 800,000 fraud attempts and millions of verification checks within the crypto sector between 2022 and 2023 and surveyed over 100 crypto companies. It released its findings in its ‘State of Verification and Monitoring in the Crypto Industry 2023‘ report. According to its findings, Travel Rule remains one of the two main challenges for crypto companies worldwide, the other one being more advanced fraud methods such as AI-generated deepfakes.

Dubai-based crypto exchange Bybit has successfully integrated Google Pay into its card service, enabling users in the European Economic Area (EEA) to spend their assets more easily and securely. 

Google Pay integration marks a major enhancement to the Bybit card experience, enabling users to manage their finances and payments more easily. Effective immediately, Bybit cardholders can link their cards to Google Pay, empowering them to conduct secure, fast, and hassle-free transactions online, in-app, as well as in physical stores wherever Google Pay is accepted.

Bybit cardholders can now also link their existing cards to Google Pay for quick access to their assets. Google Pay’s advanced security features provide an additional layer of protection for Bybit Card transactions, giving users peace of mind.

Bybit explained that it remains committed to delivering innovative solutions that empower individuals to harness the full potential of cryptocurrencies in their everyday lives. The integration of Google Pay exemplifies Bybit’s dedication to enhancing user experience and expanding the utility of its products.

The news comes just days after Bybit hit $71.5billion in trading volume, just seven per cent under the exchange’s record $77billion daily trading volume, set during the 2021 crypto bull run.

Ben Zhou, CEO of Bybit, also commented on the achievement: “We at the Crypto Ark are on a mission to make this new asset class as widely available as possible through our intuitive platform.

“Now, we’re seeing large inflows and smart money is moving fast. With the Bitcoin halving just around the corner, Bitcoin is proving itself as an institutional asset, a hedge against economic uncertainty, and a vote for financial freedom.”

It is always important to have some awareness of the financial market, but even more so during the cost of living crisis. Having extra knowledge of what is going on in the financial space can help people manage their finances properly. Looking to further help with this, Plannix has partnered with Salt Edge to offer users in Italy and beyond to connect and view all their bank accounts in one place instantly. 

Plannix, the personal finance hub that helps with wealth tracking, portfolio management, and financial planning, will be able to provide its customers with enhanced account information and data aggregation resources by partnering with open banking solutions provider, Salt Edge. Additionally, it will help users track their finances more accurately and analyse the findings, as well as improve budgeting tools.

Moreover, integrating Salt Edge’s data enrichment features will offer deeper insights into financial behaviours, improving the overall financial planning and advisory experience. By integrating with the Salt Edge Partner Program, Plannix customers will benefit from enhanced account information and data aggregation resources, leading to more accurate financial tracking and analysis, as well as improved budgeting tools.

Company goals

Plannix offers an array of services designed to redefine financial planning and advisory services for investors. The suite of tools includes a complete asset allocation and portfolio tracker, insightful KPIs about wealth and savings, and a transparent management fee scanner. The firm’s aim is to ensure users have personalised solutions that foster smarter and more informed financial planning.

Salt Edge offers secure and streamlined APIs that are in strict compliance with PSD2 standards. For Plannix, this will ensure the highest level of financial security and align with a commitment to providing comprehensive and user-friendly financial management solutions.

Furthermore, Salt Edge’s hundreds of connections to Italian banking institutions will enable Plannix customers to select and securely connect their bank accounts to the Plannix platform. Consequently, they can enjoy a holistic view of all their finances and investments in one app.

Connecting bank data across countries

Luca Lixi, CEO and founder at Plannix: “At Plannix, we are dedicated to transforming how people manage their finances. Our goal is to be more than just a provider of financial tools; we aspire to be a hub for smart, long-term financial empowerment and to nurture a generation of savvy investors.

“Our partnership with Salt Edge is a testament to this mission, ensuring our solutions are innovative, user-friendly, secure, and compliant. This collaboration marks a significant step in revolutionising financial planning and advisory and promoting the well-being of our users.”

Anton Cebanu, open banking solution expert at Salt Edge: “Establishing one of the largest financial communities in Italy, boasting over 35,000 members, Plannix plans to broaden its reach to key European regions, including France, Spain, and Germany.

“Partnering with Salt Edge, which has over 2,500 connections to financial institutions in Europe, will allow end users from these countries to connect and access their bank data in a simple and compliant way, all in one place.

“We are pleased to support Plannix in this transformative journey through our open banking solutions. With the combination of Plannix’s personal finance hub and Salt Edge’s account aggregation solution, clients will have the flexibility to connect and manage multiple bank accounts in a single application, while also receiving personalised financial insights and a secure compliance experience.”

Worldcoin has launched a new version of its World ID feature, called “World ID 2.0,” according to a December 12 announcement.

The new version is integrated with Shopify, Mercado Libre, Reddit and Telegram, allowing users to prove their humanness to these platforms.

The new app integrations add to those that already exist, including Discord, Talent Protocol and Okta’s Auth0, the announcement stated. The new version also allows app developers to choose between different levels of authentication, ranging from “lite” to “max.”

According to the announcement, these new levels are intended to provide “more ways for people to use their World ID based on the security needs of the application and to ensure individuals are not sharing more information than they need or want for a given application.” For example, an app that requires high security may require users to have an orb-verified ID, whereas applications that are more focused on convenience may only require a “Device Auth” World ID tied to the user’s mobile phone.

Related: Web3 firms to support ecosystem development through grants

Woldcoin claimed that the new features will help to reduce losses from bots, but without requiring users to give their personal information to the apps they are using. Citing a report from CNBC, it claimed that $100 billion a year is being lost by retailers from ‘return fraud, bots, and coupon stacking.’”

Worldcoin was first launched in July. It has become controversial for its highest-security level of authentication, which involves scanning a user’s iris and producing a zero-knowledge proof of the scan, which critics say can lead to leaked biometric information. Worldcoin has defended the practice, claiming that it only stores the proof of the iris scan but does not store the scan itself.