Zone taps ThetaRay's AI solution to safeguard payments in Nigeria.

Mark Gazit

ThetaRay

Nigeria-based blockchain fintech Zone has planned to integrate ThetaRay’s SONAR AI technology to monitor and screen Zone’s transactions in Nigeria.

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.

ThetaRay’s expansion in the Nigerian fintech landscape

Zone is one of Africa’s first decentralised or peer-to-peer payment networks based on blockchain technology, which allows payment transactions without dependence on intermediary switches. The decentralised architecture and the underlying technology enhance reliability, eliminate customer disputes, reduce the cost of operations, and automate back-office reconciliation. The network is a true web-scale infrastructure with a capacity for transaction processing throughput of over 50,000 transactions per second.

Zone’s officials said that by integrating with ThetaRay, they have enhanced their security measures and improved their regulatory compliance whilst providing faster transaction processing for their users within their decentralised payment network. They look forward to working even more closely with ThetaRay to continue delivering frictionless operations and reliable transactions to customers.

The Digital Trend in Nigeria

As one of Africa’s largest economies with a population of 200 million, Nigeria is home to a large fintech ecosystem with more than 200 fintech companies. The country’s youthful population has driven Nigeria’s thriving fintech sector, increased smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, according to the McKinsey research firm. The booming fintech market is helping improve financial inclusion in Nigeria, where more than 40% of the population is unbanked.

Representatives from ThetaRay stated that Zone is fronting Nigerian fintech innovation with a platform capable of revolutionising the financial system through inclusive services that positively impact people’s lives. By deploying sophisticated AI technology to monitor and screen payments, Zone will embed trust into its services, enabling it to grow volume, revenues, and ecosystem partners.

By Staff Writer.

VigiPay of Nigeria Selects ThetaRay AI Solution for AML Monitoring.

 

Oluseyi Oluwabusola

VigiPay

VigiPay, a Nigerian fintech providing digital payment services, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced they will collaborate to protect VigiPay’s growing business against money laundering, sanctions violations, and other financial crime risks.

Through the agreement, ThetaRay will provide VigiPay the SONAR AML solution, a cloud-based transaction monitoring and screening platform that can detect the earliest 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.

This new collaboration highlights ThetaRay’s continued growth in the Nigerian financial market.

VigiPay is a payment technology platform for cross-border remittances and online B2B payments in Nigeria and across Africa. It provides automated payment collection services, including POS terminals, for local and international payments and auto reconciliations to corporate and government organizations.

“As we expand into the global market, we are committed to enhancing AML compliance.  With the launch of an AI tool for transaction monitoring and screening, we will be able to close transactions with larger corporations all over the world that value automation processes and transaction transparency,” said Oluseyi Oluwabusola, General Manager of VigiPay.

“ThetaRay is an excellent partner in achieving this fit. Our efficiency is set to achieve a new all-time high with the addition of automated transaction screening and monitoring, allowing us to better serve our consumers. We are 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.

“We are proud to partner with an innovative Nigerian fintech that prioritizes trust and service to drive financial inclusion in Africa,” said Mark Gazit, CEO of ThetaRay. “ThetaRay AI technology is instilling a new standard of trust into the growing world of online payments, enabling fintech rapid revenue growth by opening doors to business with new financial partners worldwide.”

ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias to find anomalies outside of normal behavior, including completely new typologies. It enables fintech 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 percent reduction in false positives compared to rules-based solutions.

By Staff Writer.