PayTech Lyra partners Napier for Transaction Monitoring solution
By Gloria Methri
Financial crime compliance technology specialist Napier has announced a new partnership with Lyra Group, the European payment solutions provider processing over 20 billion transactions worldwide annually.
The partnership will see Napier provide Lyra with advanced transaction monitoring and hosting, enabling it to further scale its business globally.
Based in Labège, Lyra was accredited by the French regulatory body ACPR in 2017. Through its offer Lyra Collect, it provides POS services, mobile, and e-commerce solutions throughout Europe, including international means of payment and different payment methods.
The transaction monitoring solution from Napier will help Lyra improve its compliance framework, thereby scaling up transaction volumes with speed and accuracy. The solution will be implemented in two phases, initially using Napier’s existing transaction monitoring rules, before creating additional rules suiting Lyra’s risk profile.
Lyra Collect’s vice director Rebecca Masse said, “By partnering with Napier, we can deploy its AI-powered technology to supercharge our regulatory infrastructure. This makes it easy for our compliance teams to identify cases that require further investigation. In this way, we can continue to guarantee the security and reliability of transactions, even as we expand.”
Napier CEO Greg Watson said, “Payment solutions is one of the fastest growing digital commerce services around the globe. To cater to billions of payments annually, payment providers need to be equipped with the best transaction monitoring and risk management framework. We are confident that, with our intelligent framework, Lyra can offer the most secure and regulated payment options to its customers worldwide.”
Napier is an anti-financial crime compliance technology specialist that enables institutions to fight financial crime more efficiently and effectively. Its financial crime risk management platform, Napier Continuum, minimises risk by combining a full suite of big data technologies with AI.
IBSi Daily News Analysis
May 26, 2023
Cloud adoption to boost UAE economy to $181bn by 2033Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage