noqodi taps Napier to safeguard digital payments in the UAE

Wednesday 13 December 2023 16:44 CET | News

UAE-based fintech noqodi has selected UK-based regtech Napier as its anti-money laundering (AML) platform for digital payments in the UAE.


noqodi has selected UK-based regtech Napier as its anti-money laundering (AML) platform for digital payments in the UAE.

Napier is providing its transaction monitoring, client screening, client risk assessment, and client activity review solutions to noqodi, in order to further strengthen its commitment to supporting the government’s initiative to a secure, cashless, digital economy.

Napier’s solutions will equip noqodi with:

  • A sandbox environment to finetune and optimise screening configurations;

  • API enabled, real-time and batch screening, supporting transliteration of 22 languages, AI fuzzy matching, and secondary scoring capabilities;

  • Real-time graphical analysis of customer behaviour to analyse anomalies;

  • Configurable dashboards with no-code rule building and AI insights for efficient decision-making.

The Middle Eastern digital payment landscape

The Middle East region is going through a period of digital payment adoption, with a 44% increase in digital payment volumes from small and medium enterprises (SMEs) in UAE alone in 2022. Supporting this is noqodi’s digital payment solution, which provides a unified and fully automated payments platform to send and receive money, integrated with partner merchants, banks, and various government services for seamless transfers, now bolstered by NextGen monitoring and screening from Napier.

noqodi is looking to stay ahead of the curve in financial crime prevention to remain compliant to the standards of the UAE’s central bank.

Officials from the noqodi said that this collaboration reinforces their dedication to providing a cutting-edge, secure, and compliant payments platform for their users, reflecting their strategic vision for the future of digital transactions in the UAE. Partnering with Napier has given them the autonomy to configure and scale their payments platform securely in this exciting period of growth for the company. They look forward to the positive impact this partnership will have on strengthening their risk management framework, streamlining their compliance processes, and setting new benchmarks for industry best practices.

Also commenting on this partnership, representatives from Napier said that representatives from Napier noqodi is changing the face of digital payments for the UAE. They’re proud to deliver their real-time, NextGen compliance solutions to support this and set a new standard of compliance excellence in UAE’s financial landscape.

What does Napier do?

Napier is a regtech delivering anti-money laundering and financial crime compliance software to financial institutions, payments firms and buy side firms. Napier designs and engineers technological innovation to make a measurable difference in driving down financial crime. Trusted by over 200 institutions worldwide, the company’s platform, Napier Continuum, is transforming compliance from a legal obligation to a competitive edge.

More information from noqodi

noqodi is a fintech company fully owned by emaratech and regulated by the UAE Central Bank. It is a comprehensive payment solution built around fully digital account management, used to pay and also accept payments. Users can leverage any of their connected channels including noqodi own wallet (stored value), credit card, bank transfer, direct online banking), or even kiosks and exchange houses, to top-up their wallet (e-cash).

noqodi enables a wide numbers of government entities and private merchants, who benefit from a unique integration to offer their customers any of many payment options available, and who can leverage all value-added services through their web portal or mobile app.

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Keywords: AML, regtech, digital payments, transaction monitoring, risk management
Categories: Fraud & Financial Crime
Companies: Napier, noqodi
Countries: United Arab Emirates
This article is part of category

Fraud & Financial Crime




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