back Back

Zone adopts ThetaRay AI solution to monitor payments in Nigeria

By Leandra Monteiro

March 29, 2023

  • AML
  • Fiat
  • FinTechs
Share

Zone, ThetaRay Zone, Africa’s first regulated layer-1 blockchain network for payments, and ThetaRay, a provider of AI-powered transaction monitoring technology, announced they will collaborate to implement ThetaRay’s cloud-based SONAR solution to monitor and screen Zone’s transactions in Nigeria for illicit activities and sanctions violations.

Headquartered in Lagos, Zone serves large commercial banks, payment FinTechs, digital banks, and OFIs with the real-time, low-cost settlement of both fiat and digital currencies for domestic and cross-border payments.

Through the agreement, ThetaRay will provide Zone the SaaS-based SONAR AI solution that can detect and prevent the earliest signs of sophisticated attempts to launder money or circumvent financial sanctions and watchlists. The solution will help Zone ensure it fully complies with regulatory AML requirements and increase its growth opportunities by providing a trustworthy and secure service.

“We are thrilled with our partnership with ThetaRay, a collaboration that represents a significant step forward in our vision to become one global network to pay anyone, through any means, in any currency, in the most efficient and secure means possible,” said Elendu Uche, Co-Founder/Chief Operating Officer, Zone.

“By integrating with ThetaRay, we have enhanced our security measures and improved our regulatory compliance whilst providing faster transaction processing for our users within our decentralized payment network. We look forward to working even more closely with ThetaRay to continue delivering frictionless operations and reliable transactions to our customers.”

The new collaboration highlights ThetaRay’s expansion in Nigeria’s fintech payments market.

“Zone is leading Nigerian fintech innovation with a platform capable of revolutionizing the financial system through inclusive services that positively impact people’s lives,” said Mark Gazit, CEO of ThetaRay. “By deploying sophisticated AI technology to monitor and screen payments, Zone will embed the trust into its services, enabling it to grow volume, revenues and ecosystem partners.”

ThetaRay’s SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that enables FinTechs and banks to implement a risk-based approach to effectively identify suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. This allows the rapid discovery of both known and unknown money laundering threats.

Previous Article

March 29, 2023

3 FinTech companies in Peru boosting the payments landscape

Read More
Next Article

March 29, 2023

Ingenico announces 100% acquisition of Phos

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

AML

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

Confida and illimity create new capillary proximity network, Pehi

Read More

May 17, 2024

Niyogin acquires ‘Superscan’ from Orbo.ai to propel AI-led neo-banking

Read More

May 17, 2024

INSTANDA & UnderwriteMe team to transform life insurance with no-code tech

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023