Based in France, Lyra was accredited by French regulatory body ACPR in 2017. Through its offer Lyra Collect, it provides POS services, mobile and ecommerce solutions throughout Europe, including international means of payments and different payments methods (recurring, one click, etc.).
The new transaction monitoring solution from Napier will help Lyra improve its compliance framework. It will be implemented in two phases, initially using Napier’s existing transaction monitoring rules, before the two organisations collaborate on creating additional rules based on specific typologies tailored to Lyra’s risk profile.
According to Lyra, compliance is an essential part of their business. They promise to ensure that all transactions through their platform are legitimate. By partnering with Napier, they can deploy its AI-powered technology to augment their regulatory infrastructure. This makes it easy for their compliance teams to identify cases that require further investigation. In this way they can continue to guarantee the security and reliability of transactions, even as they expand.
With its sights set on global expansion, Lyra aims to replace its legacy tech with Napier’s advanced solution to meet the highest level of compliance standards, all while scaling up transaction volumes with speed and accuracy.
Officials from Napier said that payment solutions is one of the fastest growing digital commerce services around the globe. To cater for billions of payments annually, payments providers need to be equipped with a good quality transaction monitoring and risk management framework. They are confident that, with their intelligent framework, Lyra can offer secure and regulated payment options to its customers worldwide.
Napier is a new breed of financial crime compliance technology specialist. Its platform, Napier Continuum, is transforming compliance from legal obligation to competitive edge. Trusted by multiple financial institutions, they design and build technology to help companies in any sector comply with AML regulations, detect suspicious transactions, screen potential customers, and predict customer behaviour. Napier uses industry knowledge and cutting-edge technologies such as AI and machine learning to help businesses detect suspicious behaviours and fight financial crime.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now