In the European Union for example, banks are mandated to transition to open banking in what is called the second payment service directive i.e., PSD2.
Payment companies are central in the directive as they sit in the middle of transactions and Mastercard is creating its presence in the open banking space by providing the payment network with platforms for data connectivity and infrastructure, where data privacy and security measures take center stage (thus CipherTrace for the crypto end of things).
- Mastercard gains from money going digital
- Mastercard ciphertrace crypto security compliance
- Mastercard ciphertrace crypto security compliance manager 3 0
- Open banking and crypto
- Mastercard ciphertrace crypto security compliance manager
- Mastercard, plans to expand into the cryptocurrency sector
- Industry security
- Mastercard plans to enhance its crypto capabilities
Mastercard gains from money going digital
With CipherTrace, a few things come to light about their strategic take on the future of finance. They will have a better framework to integrate blockchains into their ecosystem.
Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
CipherTrace, a leading cryptocurrency intelligence company, bridges virtual currencies and financial services together with fraud protection, anti-money laundering and financial investigation solutions. CipherTrace derives superior cryptocurrency intelligence from analyzing massive amounts of validated blockchain transaction attribution.
Mastercard ciphertrace crypto security compliance
These new technologies will require new solutions and more powerful intelligence to ensure that the crypto economy is instilled with the same trust and peace of mind that consumers currently experience with more traditional payment methods.
The integrated offering will build on CipherTrace’s suite of digital assets and Mastercard’s cyber security solutions to provide businesses with greater transparency to help identify and understand their risks and to help manage their digital asset regulatory and compliance obligations.
“Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe.
Mastercard ciphertrace crypto security compliance manager 3 0
Mastercard is pathing its way into Open Banking, and the financial warzone with Visa.
The need for access to the open banking world was made clear by Visa when they tried to buy Plaid, and instead turned to Swedish-based Tink (connecting 3,400 banks). There is clearly a competition for leadership in this space now that Mastercard owns Aiia (2,900 EU banks) and Finicity (US market). Data is more important than money itself right now.
Open banking and crypto
Payment firms like Mastercard have to get involved in global financial value networks, or they might risk being disintermediated by a next generation technology.
Card networks actually don’t have much of a choice in this regard.
Mastercard ciphertrace crypto security compliance manager
In the latest fundraising round in June, CipherTrace raised $27 million from investors, including the high-profile New York hedge fund Third Point Ventures.
At that time, CipherTrace planned to double its 100-employee headcount over the next year to capitalize on the growing demand for crypto security, trade publication Coindesk reported.
CipherTrace raised $15 million in 2018 in a fundraising round led by Palo Alto-based Aspect Ventures, according to a press release the time. The startup has also received funding from the U.S. Department of Homeland Security, according to its web site, likely meaning CipherTrace has also done work for the federal government.
The acquisition advances Mastercard’s digital assets strategy and differentiates its real-time payments infrastructure.
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential.
Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
This was saidby the CEO of Mastercard, Michael Miebachwhen explaining the company’s third-quarter results.
Mastercard, plans to expand into the cryptocurrency sector
Mastercard bought CipherTracein September. The aim of the acquisition was to have in-house support for theimplementation of transparencyin digital assets.
CipherTrace is an intelligence company that monitors more than 900 cryptocurrencies. It provides support to crypto companies, especially with regard to KYC and AML issues.
In the past, it had alsoworked with Binance.
Essentially, with CipherTrace at its core, Mastercard has declared its willingness toincrease security and transparencywhen it comes to cryptocurrencies.
As these are two central and controversial issues, it is clear that their resolution can only lead to an expansion of the sector, by virtue of the trust gained.
The fact that Mastercard is aiming to exploit cryptocurrencies is also demonstrated by its recentpartnership with Bakkt, which will bring Bitcoin and crypto to Mastercard’s payment circuits.
Michael Miebach stated in this regard:
“So it’s massive services opportunity. CipherTrace, 900 cryptocurrencies. What does CipherTrace actually do? They drive compliance and AML checks into crypto transactions. We can’t run fast enough right now to get into the space, because a lot of other people are deep into crypto, and these questions are not resolved”.
According to the CEO,Mastercard is synonymous with security.
- Card giant Mastercard said in a press release today that it’s agreed to buy CipherTrace, a cryptocurrency security company that provides software and related cyber services to thwart money laundering and crypto fraud. Financial details of the transaction weren’t disclosed, but it is expected to close by the end of this year.
- Purchase, New York-based Mastercard said the acquisition will help accelerate and expand its crypto strategy by providing business clients with an enhanced view of their digital assets, a better understanding of their risks and more tools to manage regulatory compliance requirements.
Mastercard has sought in recent years to increase its ability to service the financial institutions and businesses incorporating the use of cryptocurrencies and other digital assets, such as non-fungible tokens.
The drive to monitor that realm has risen in the industry with the climbing value of Bitcoin, the most widely used cryptocurrency that today has a value just over $47,000.
Mastercard said its purchase of CipherTrace will allow it to offer enhanced digital asset security and fraud detection services and more choices in its use of digital assets.
CipherTrace uses data analytics and algorithms to analyze digital assets and lets customers interact more safely with some 7,000 cryptocurrency entities, the release said.
Menlo Park, Calif.-based CipherTrace was founded in 2015 and has raised about $42 million, according to past news reports.
Security and fraud detection provide additional transparency and support for digital assets ecosystem latest investment helps company accelerate and expand crypto-related strategy
Mastercard (NYSE: MA) will extend its capabilities deep into the field of digital assets with an agreement to acquireCipherTrace, a leading cryptocurrency intelligence company with insight into more than 900 cryptocurrencies.
As digital assets, including cryptocurrencies and non-fungible tokens (NFTs), become more intertwined with everyday activities — from the way people pay and get paid to how they invest — trust and security will be critical enablers to ensure broad adoption and scale.
It has now signed an agreement to purchase CipherTrace, the flagship crypto intelligence firm that offers data on over 900 crypto coins.
MASTERCARD ACQUIRES CIPHERTRACE TO ENHANCE CRYPTO CAPABILITIES$MA
— *Walter Bloomberg (@DeItaone) September 9, 2021
Mastercard plans to enhance its crypto capabilities
The new product will be created using CipherTrace’s data on crypto and the cyber security solutions offered by Mastercard. Using it, companies will be able to ensure better transparency, as well as identify risks and work better with obligations in the sphere of crypto regulation and compliance.
Mastercard’s president of Cyber and Intelligence, Ajay Bhalla, believes that digital assets will be able to give commerce some new opportunities and help developing countries with financial inclusion and efficient economic development.