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- TRM Labs and Finray integrate tools to unify monitoring of fiat and crypto transaction risks.
- The new system offers real-time alerts, wallet screening, and full audit trails across blockchains.
- The platform targets banks and institutions expanding into crypto under rising MiCA compliance needs.
A blockchain intelligence firm, TRM Labs, has partnered with Finray Technologies to develop a unified monitoring system. The new system will monitor risks in both fiat and cryptocurrency transactions.
The system will help solve the problem of rising regulatory demands and the increasing connection between traditional payment systems and digital assets.
Finray Technologies has confirmed that it has connected its compliance engine, XZiel, with the blockchain analytics tools of TRM Labs. The new system will enable real-time alert triaging and automatic escalation.
The system will also enable detailed case management and risk assessments. The new partnership is announced by the company on Tuesday.
Unified Monitoring Designed for MiCA-Regulated Institutions
The new system will help institutions regulated under the European Union’s Markets in Crypto-Assets (MiCA) regulations. The system will help many institutions develop a unified monitoring system.
Stablecoin settlements and fiat transactions are increasingly connected. They added that the platform helps build structured and auditable monitoring programs.
The integrated system will enable real-time alerts about suspicious transactions. It uses the same workflow as banks use to monitor traditional payment systems.
The new system will be able to monitor the Bitcoin, Ethereum, and Tron blockchain networks. This will monitor both on-chain and off-chain environments.
Wallet screening is also part of the system. This feature checks wallet addresses during the onboarding process and during continuous monitoring.
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The system also categorizes the level of risks through wallet activity and history. The firms stated that this feature enables institutions to utilize a single review process.
TRM Labs Supports Full Audit Trails for Risk Monitoring
The platform also enables the complete audit trail. This feature records every alert generated in the process, every review done, and every decision made in the process.
It also records the time of execution of every action and the reason why the review is done. This feature is aimed at assisting in the audit process.
Finray and TRM Labs stated that the system targets exchanges, custodians, corporate treasuries, banks, and electronic money institutions. These institutions are venturing into the crypto space or are developing entry points for digital asset transactions.
The firms stated that the system enables this process through the integration of all the risk data in a single environment.
Finray CEO Oleksandr Potapenko stated that compliance teams require unified solutions. According to him, it is no longer effective to utilize separate systems to address risks.
He stated that embedding TRM Labs’ analytics into XZiel enables users to have a single and auditable view of the risks.
There is an increase in the number of institutions venturing into the crypto space. River reported last month that more than half of the top U.S. banks have started or announced plans to offer Bitcoin-related services.
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