Who Elliptic is
Elliptic is a blockchain analytics company founded in 2013, which built some of the first tools to trace illicit funds across public blockchains. Banks, crypto businesses, payment companies and governments use its data to screen wallets and transactions, assess other crypto businesses and run investigations.
Its Lens workspace brings wallet screening, transaction screening and monitoring into one case queue, and its AML API lets a platform do the same from its own systems. That is why Elliptic is a connector in our KYC / AML and compliance reporting modules.
What it does in your platform
KYC / AML
Screens the wallets your customers deal with against Elliptic's data and your risk rules, so a wallet exposed to sanctioned or illicit activity is caught before money moves to it.
Compliance reporting
Screens deposits and withdrawals as they happen and keeps rescreening them as new intelligence arrives. Alerts become cases with the evidence attached, in the same queue as your own monitoring rules.
How the connection works
Both modules call Elliptic's AML API from your platform, with the API key and secret in your platform's secrets. Results come back in the response, and later changes arrive by signed webhook.
A deposit arrives
A customer receives crypto at their deposit address, and the module sends the transaction to Elliptic for analysis.
The risk score
Elliptic assesses the transaction's exposure against your team's risk rules and returns a risk score, at once for a single analysis or shortly after for a batch.
Your rules decide
Below your threshold, the deposit is credited as usual. Above it, the module raises an alert and opens a case for your team.
Continuous monitoring
Elliptic keeps watching what it has screened and rescreens it when new intelligence or blockchain events change the risk.
A signed webhook
When a rescreen meets your alert criteria, Elliptic sends a signed webhook, and the module verifies the signature before adding the alert to the case.
Next to other providers
For wallet screening, Elliptic sits next to Chainalysis and TRM Labs; for transaction monitoring, next to Chainalysis KYT, ComplyAdvantage and Hawk AI. Its alerts add to your own monitoring rules rather than replacing them.
Cases and reports belong to the compliance reporting module, so adding Elliptic, or moving away from it later, does not change your apps or your team's queue, and past alerts stay in your records.
When Elliptic fits best
A strong fit when
- You want wallet screening and transaction monitoring in one place, with rescreening built in.
- Your customers move assets across chains and bridges, and you want the risk traced across them.
- Your compliance team wants an explainable risk score built from its own rules.
Also worth a look
- Another blockchain analytics provider, such as Chainalysis or TRM Labs, if its coverage fits your assets better.
- A screening provider for fiat payments, such as ComplyAdvantage, next to Elliptic for the crypto side.
How we get you live
The contract
We help you get your Elliptic account and contract in place, for wallet screening, transaction monitoring or both.
The risk rules
We set the risk rules and the alert criteria with your compliance team, and how often periodic rescreens run.
The keys
The API key and secret go into your platform's secrets and nowhere else, and every webhook's signature is checked before it is trusted.
A full test run
Before go-live we run test deposits and withdrawals through both modules and check that every alert reaches the case queue.
