From on-chain to off-chain data with the ICF API: Real-time data querying through the PARSIQ Portal
PARSIQ is a real-time blockchain monitoring platform that enables the event tracking of accounts, transactions, and related blockchain states. The workflow automation platform supports the process of leveraging on-chain data, matching the data to user needs, and reporting data to users in a manner meeting with their requirements. Catering both B2B and B2C business models, PARSIQ offers tools for analyzing, detecting, and reporting cryptocurrency fraud and other illicit blockchain based activities. Some of the main industry segments that could benefit from PARSIQ’s product suite are cryptocurrency service providers, traditional financial institutions, digital asset traders, crypto-accepting merchants, and decentralized finance projects.
Uppsala Security provides organizations with Sentinel Protocol, an award-winning suite of advanced tools and services for Crypto AML/CTF, KYC Intelligence, Transaction Tracking & Visualization, and Regulatory Compliance Analytics enabling organizations to protect their crypto assets from malicious attacks and scams while meeting regulatory compliance standards. Supporting the framework is a team of experienced cyber security professionals with decades of experience in providing cyber security solutions.
Key Needs & Requirements of PARSIQ
As a Fintech providing an automated, real time monitoring and event tracking platform, regulatory compliance is a crucial aspect that requires timely consideration. To meet the above requirements, PARSIQ prioritized the following needs for their project:
- Real Time Monitoring of data and events
- Enriched Data with value-add, e.g. risk labels and scores
- Risk assessment for both transactions and wallet addresses
- Partnering with other projects with similar long-term goals and vision
Locate an affordable software solution well suited for small to medium sized projects, able to enhance data monitoring, strengthen PARSIQ’s position in the market, and meet existing and potential future regulatory compliance rules and requirements.
Capabilities of the Interactive Cooperation Framework (ICF) API
The Interactive Cooperation Framework (ICF) API developed by Uppsala Security is a RESTful API designed to integrate with financial software applications or real-time query applications to enhance regulatory compliance capabilities and to protect digital assets, including cryptocurrencies, from malicious threats, scams, and fraudulent transactions. Before completing with a planned transaction, the ICF API enables an application program to dynamically query Uppsala Security’s Threat Reputation Database (TRDB) and check whether or not specific wallet addresses, URLs, URIs, or social accounts are classified as safe for transaction and other types of interaction. At the same time, the ICF API enables ready access to risk labels and risk scores, and within milliseconds of receiving a request, the TRDB sends a response to the source of the query. Depending on the type of response, a pending transaction with a blacklisted wallet could possibly be immediately rejected and thus terminated. If the alert level is low or safe, the transaction would be allowed to process. For medium alert levels, a warning could be broadcast to the user advising caution.
Key Capabilities of the ICF API
- Ready access to Threat Intelligence Data of more than 51M Security Indicators
- Support for real-time data queries
- Dynamic access to risk label and risk score data
Product Testing & Evaluation
The two teams from PARSIQ and Uppsala Security kicked off a discussion focused on the needs and solutions of both parties, leading to the seamless testing of the ICF API which was enhanced by the responsive customer support from Uppsala Security.
During the testing and evaluation process, PARSIQ subjected the ICF API through high volume stress testing to understand its reliability and scalability for meeting its rigorous performance requirements.
The Decision Criteria
Based on the needs and requirements of PARSIQ matched with the capabilities of the ICF API, the following variables or characteristics were taken into consideration in the decision process for whether to integrate the ICF API into the PARSIQ Portal:
- Support with existing and future regulatory compliance requirements
- Subscription fee affordability versus the capabilities and quality of the ICF API
- The opportunity to collaborate as a Value-Added Reseller
- Vision Alignment for Cryptocurrency Regulatory Compliance
The Overall Benefit of integrating the ICF API
The integration of the ICF API benefited both PARSIQ and Uppsala Security equally, as the shared goals of the two parties were to enrich and enable the access to real-time Threat Intelligence data to as many worldwide users as possible.
An example of the merged products is highlighted in the screenshot below within a sample ParsiQL code with comments, where we can see the contribution of Uppsala Security’s Data by taking use of the ICF API.
A similar example is the sample image below that illustrates PARSIQ’s Quick Monitoring Wizard (a ParsiQL coding-free UI/UX solution to create Smart-Triggers) where a couple of customizations can be seen that again, in their internal workings are based on ParsiQL getSentinelProtocolData function calls, which in return are based on ICF API calls.
Top Key Benefits for PARSIQ accrued by ICF API integration:
- PARSIQ users received online access to enriched Threat Intelligence
- The ICF API provides instant and reliable responses whenever queried
- The ICF API offers high volume scalability and its Threat Intelligence is constantly expanding