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Noda selects ThetaRay AI solution to monitor Open Banking in Europe

By Gloria Methri

March 14, 2023

  • AML
  • Digital Payments
  • Digital Transformation
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ThetaRay, Transaction Monitoring Technology, Noda, AML, KYC, SONAR Transaction Monitoring, Financial Crime, Risk Management, Digital Payments, Digital Transformation, UKFinTech Noda and ThetaRay have teamed up to improve payment monitoring and compliance capabilities on Noda’s Open banking platform as it supports the new digital economy in Europe.

Headquartered in the UK, Noda helps online merchants in Europe receive direct bank payments from eCustomers via a one-stop Open Banking payment solution. An alternative to cards, it provides direct integration with banks in most European countries.

Through the agreement, Noda will implement ThetaRay’s AI-powered SaaS SONAR solution for AML that detects financial crime threats and the earliest indications of schemes. The system will enable Noda to stay up to date with the complex and constantly evolving regulatory landscape. It will also help manage the compliance challenges involved with monitoring transactions in the Single Euro Payments Area (SEPA) across multiple channels and jurisdictions.

“With ThetaRay’s advanced transaction monitoring system and our expertise in payment services and compliance, we are poised to take our business to the next level and provide even more value to our customers,” said Lasma Gavarane, Chief Compliance Officer/MLRO at Noda. “Together, we will be able to detect and prevent financial crimes, comply with evolving regulatory requirements, and therefore enhance the overall security and reliability of our fast and convenient payment services to customers.”

“Noda is an innovation leader in the European payments market as it transforms into a more competitive and more efficient network that is enabling the digital economy. The adoption of sophisticated AI technology to fight financial crime brings the trust to a payments ecosystem that serves as a fintech growth engine,” said Mark Gazit, CEO of ThetaRay. “We are looking forward to a successful partnership with Noda to develop and grow European FinTech.”

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