The Provident Bank stands benefited from Bitfury

The Bitfury Group announced a collaboration with the Massachusetts, US-based Provident Bank to use its Crystal blockchain analytics platform. This development was on 09 July.

Bitfury indicated that the embrace would be for new digital asset compliance, including anti-money laundering (AML) services. The Provident Bank would leverage Bitfury’s Crystal Blockchain analytics platform to perform prospective client onboarding. It would also be used for transaction monitoring procedures. Bitfury continued that the partnership would help ensure that new clients at the Provident Bank access fully compliant AML processes.

Dave Mansfield, CEO of The Provident Bank expressed – 

“Security, client data and AML compliance are top priorities for The Provident Bank. Early in the development of our digital asset initiative, we began vetting potential Regtech partners and found the expert-led Crystal Blockchain platform to be the type of essential partner required to be the market leader in crypto deposits.”

Bitfury sustained by adding that Provident Bank was equipped with the information and analytics the software provides. The bank would leverage this data to gain a better understanding of client activity while also analyzing how to best address client needs. Marina Khaustova, CEO of Crystal Blockchain noted that blockchain industries represent a growing sector that is fast gaining significance. Marina also expressed enthusiasm to have partnered with Provident Bank.

The Provident Bank would leverage Bitfury’s Crystal Blockchain analytics platform to perform prospective client onboarding. It would also be used for transaction monitoring procedures.

Bitfury informed that as part of the expansion, the bank was implementing a comprehensive process, leveraging fintech and technology partners. Bitfury clarified that the Provident Bank requires that its clients have a strong AML compliance program. Bitfury clarified that such compliance should abide by the current regulatory environment. Bitfury commented that once approved, customers would be provided with a dedicated Relationship Manager.

In February, there were reports of Bitfury and Longenesis partnering with Medical Diagnostics Web (MDW). The alliance between Bitfury with Longenesis and MDW radiology marketplace will build a next-generation platform for managing, distributing plus securing medical imaging and diagnostics data. Deployment of this blockchain infrastructure is expected to set a new industry standard for healthcare blockchain implementation.

Bitfury summarized by adding about its key industry engagements and that of the Provident Bank. The Bitfury Group is the world’s leading blockchain technology company. Bitfury is on an endeavor to build solutions for the future, with the most significant technologies. Bitfury also designs innovative hardware that keeps cryptocurrencies and blockchains secure. The Provident Bank, a subsidiary of Provident Bancorp is an innovative, commercial bank that finds solutions for business and private clients. The bank is committed to strengthening the economic development of regions by working closely with businesses.