Through the agreement, ThetaRay will provide VigiPay the SONAR AML solution, a cloud-based transaction monitoring and screening platform that can detect early signs of sophisticated money laundering activity. The new system will enable VigiPay to achieve safe growth, regulatory compliance, and consumer transaction transparency with the expansion of transaction volumes and value services for both domestic and cross-border payments.
Officials from VigiPay said that ThetaRay is an excellent partner in achieving this fit. Their efficiency is set to achieve a new all-time high with the addition of automated transaction screening and monitoring, allowing VigiPay to better serve its consumers. VigiPay’s team is committed to helping clients easily access multiple countries and thereby, grow their business and excel in today's competitive environment.
The Nigerian government has been driving efforts to move to a cashless society with several initiatives aimed at promoting digital payments, including limits on ATM and government accounts.
As executives from ThetaRay say, they are happy to partner with an innovative Nigerian fintech that prioritises trust and service to drive financial inclusion in Africa. ThetaRay AI technology is instilling a new standard of trust into the growing world of online payments, enabling fintechs with rapid revenue growth by opening doors to business with new financial partners worldwide.
ThetaRay’s SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias to find anomalies outside of normal behaviour, including completely new typologies. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity, including across complex, cross-border transaction paths. This allows the rapid discovery of both known and unknown money laundering threats, and up to 99% reduction in false positives compared to rules-based solutions.
ThetaRay's SONAR transaction monitoring solution, based on ‘artificial intelligence intuition,’ allows banks and fintechs to expand their business opportunities and grow revenues through trusted and reliable cross-border payments. The solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial organisations that rely on highly heterogeneous and complex ecosystems benefit from ThetaRay's low false positive and high detection rates.
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