Customer Story

SEBA Bank increases industry reputation with Chainalysis

  • Efficiency gains: When we were attempting to build our own solution, the sophistication necessary to properly build the tool was unreachable.
  • Reallocation of two full-time employees: Before we were building our own solution, we had two full-time employees engaged from a software development perspective.
  • Quality reporting: Chainalysis offers a comprehensive view on what we’re doing. The screening that we’re performing and how Chainalysis presents that to us and our internal and external stakeholders is extremely important.

People know Chainalysis is the industry standard—government bodies and top exchanges are using Chainalysis. Therefore, when we just mention our partnership with Chainalysis, people know we’re operating at a high level of quality.”

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SEBA Bank is a pioneer in the financial industry by providing a full universal suite of regulated banking services in the emerging digital economy. In August 2019, SEBA Bank received a Swiss banking and securities firm license, the first time a reputed regulatory authority such as FINMA has granted a license to a financial services provider with a core capability in digital assets.

The Challenge

The SEBA team initially planned to build their own forensic tool to support their global crypto business. However, after some time building their homegrown solution, they realized the need for a partner who could fill important gaps such as providing visualizations with greater insights. The search began for a reputable blockchain partner.

The Solution

After a thorough evaluation process, SEBA Bank selected Chainalysis due to their professional customer-first approach and their industry reputation. Since then, they have utilized multiple Chainalysis products, Chainalysis Know Your Transaction (KYT), Chainalysis Reactor, and Chainalysis Kryptos, to accomplish their business goals. 

Chainalysis’ presentation of results is superb. It immediately points out the risks and simultaneously reduces complexity to almost one visual picture representing the entire story.”

Why were you seeking a solution provider?

When we first started out, we planned to build a forensic tool of our own. That journey started fairly well because we were lucky to onboard employees who were very knowledgeable in the area. However, about a year later after looking deeper into what was needed, we came to realize that the forensic applications in the build-a-bank phase were attached to higher capacity needs, not only from an IT development perspective but also from an analysis perspective. We needed visualizations to provide greater insights. A good forensic tool is only effective for us when we have specific big data in there which is fed from all of the incidents and events related to our anti-money laundering (AML) process. Therefore, we identified the need to select a partner who could fill this gap. 

Why did you select Chainalysis?

We went through a very diligent evaluation process to choose a partner who could adequately support our needs. We asked ourselves- what is the data that we need, and who can offer that? We closely evaluated three companies offering blockchain services, and very quickly, we leaned towards Chainalysis for the following reasons:

  • Chainalysis offered a view on cryptocurrency that we were offering as well. At SEBA Bank, we offer multiple cryptocurrencies. Being a licensed bank, we must be able to perform checks on every currency that we offer. Chainalysis’ offering included all of the cryptocurrencies on our shelf, whereas many of the other providers whom we evaluated did not offer sufficient cryptocurrency coverage.
  • The entire support and set-up of Chainalysis was uncomplicated. The Chainalysis team was extremely professional and helpful.
  • The more we assessed the options, the industry references and reputation of Chainalysis clearly stood out and impressed us. It gave us confidence that we would be on the right path with Chainalysis. The decision was made by various stakeholders led by Operations, Risk Management, and Legal Compliance, to work with Chainalysis

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