Verafin, Stablecore build system to track bank and crypto transactions

Nasdaq-owned financial crime management solutions provider Verafin said today it is building a system with crypto infrastructure company Stablecore to let banks track traditional financial transactions alongside digital asset activity such as stablecoin transfers. The system will combine Stablecore’s cryptocurrency transaction data with bank customer information within Verafin to detect suspicious transactions. It is currently being piloted with some clients, and the two companies plan to expand deployment across their customer bases from the fourth quarter of this year through the first quarter of next year, before later adding a real-time sanctions screening feature.