Noda partners with ThetaRay

Tuesday 14 March 2023 12:56 CET | News

UK-based fintech company Noda has partnered with ThetaRay, a provider of AI-powered transaction monitoring technology, to surveil Open Banking services.

Following this collaboration, the companies aim to enhance payment monitoring and compliance capabilities and services on Noda’s platform, and to support the development of the new digital economy in Europe. 

Furthermore, Noda will incorporate ThetaRau’s AI-powered SaaS SONAR tool for AML, which was designed to detect known and unknown financial risks, crimes, and threads, as well as early indicators of them. The system will also provide Noda with the possibility to stay up to date with the regulatory landscape, including the capability to manage the compliance challenges that might appear with monitoring transactions in the Single Euro Payments Area (SEPA) across multiple channels or jurisdictions. 

ThetaRay provides AI-generated insights which can identify fraudulent behaviour that can be eliminated in time, offering a more transparent and secure way of managing and removing any kind of online thread. The service also enables fintech companies, banks, and financial institutions to implement a risk-based approach in order to identify suspicious activities more efficiently, while having an overview of the customer identities, including cross-border transactions. 

UK-based fintech company Noda has partnered with ThetaRay, a provider of AI-powered transaction monitoring technology, to surveil Open Banking services.

Noda’s partnerships

Headquartered in the UK, Noda represents a fintech organisation that offers online merchants and traders from Europe multiple services, in order to enable them the capability to receive direct bank payments from eCustomers. This is possible through a secure and instant one-stop Open Banking payment solution, as an alternative method of payment to cards, offering direct integration with banks from numerous European countries. 

At the beginning of 2023, the company partnered with online game developer Wargaming to enable instant Open Banking payments in the gaming industry. Throughout this deal, Wargaming players were given the option to choose from a range of online payment solutions, such as secure, direct account-to-account (A2A) payments in order to complete their purchases.

Starting on 7 November 2022, the need to enter a 16-digit card number and search for the CVV code on the other side of the plastic card was removed. The collaboration focused on Wargaming’s customers, providing them with the option to select their bank from the list provided by the service in order to carry out a payment. This enabled gamers to enjoy playing in a more simple and more seamless manner. 

In November of 2022, Noda launched direct bank payments in Europe, as a part of its collaboration with the Open Banking payments platform Token, according to the press release published at the time.

Token’s Open Banking connectivity for AIS (account information services) and PIS (payment initiation services) in the UK and Europe reportedly connected to over 80% of bank accounts, reaching over 250 million potential end-users of Open Banking service in 14 countries, all through a single API and interface. 

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, online banking, digital banking, SEPA, AML, fraud management, fraud detection, risk management, transaction monitoring
Categories: Banking & Fintech
Companies: Noda, ThetaRay
Countries: Europe
This article is part of category

Banking & Fintech




Discover all the Company news on Noda and other articles related to Noda in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events