ThetaRay, a leading provider of artificial intelligence (AI) powered transaction monitoring technology, and Vigipay, a Nigerian fintech that offers digital payment services, have announced a partnership to protect Vigipay’s expanding business from the risks of money laundering, sanctions violations, and other forms of financial crime.
SONAR AML is a cloud-based transaction monitoring and screening application that can detect early signs of sophisticated money laundering. ThetaRay will supply the solution to Vigipay as part of the arrangement.
Vigipay will be able to expand transaction volumes and value services for both domestic and cross-border payments as a result of the new system’s implementation, which will allow the company to achieve safe growth, regulatory compliance, and consumer transaction transparency.
This new deal between the two organisations highlights ThetaRay’s ongoing development into the Nigerian financial system.
Internet business-to-business (B2B) payments and international money transfers can be made in Nigeria and throughout Africa using the Vigipay payment technology platform. It provides corporate and government organisations with automated payment collection services, including the provision of POS terminals for processing local and international payments and completing auto reconciliations.
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Vigiare is committed to strengthening AML compliance as we expand into new markets throughout the world. “With the launch of an AI tool for transaction monitoring and screening,” says Oluseyi Oluwabusola, general manager of Vigipay, “we will be able to close transactions with larger corporations all over the world that value automation processes and transaction transparency.”
Why ThetaRay is VigiPay’s choice for impact
ThetaRay is a great company to work with in order to get this fit. With the implementation of automated transaction screening and monitoring, their productivity is about to hit a new all-time high, which will enable them to provide superior support for their clientele. They are dedicated to assisting customers in effortlessly accessing different nations, which will, in turn, allow them to expand their businesses and thrive in the current economic climate.
The government of Nigeria has been at the forefront of attempts to transition to a cashless society by implementing a number of policies and programmes designed to encourage the use of digital payment methods. These policies and programmes include placing restrictions on ATMs and government accounts.
Opinion of ThetaRay’s CEO
According to Mark Gazit, the Chief Executive Officer of ThetaRay, They are proud to be collaborating with an innovative Nigerian fintech that places a priority on trust and service in order to drive financial inclusion in Africa.
“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.”
The SONAR system developed by ThetaRay, which has won multiple awards, is based on a proprietary form of artificial intelligence called artificial intelligence intuition. This form of AI replaces human bias in order to discover anomalies outside of regular behaviour, including entirely new typologies.
It makes it possible for financial technology companies and banks to apply a risk-based methodology to successfully identify truly suspicious behaviour across a variety of sophisticated and international transaction pathways. This enables the speedy discovery of both known and novel money laundering risks, as well as a decrease of up to 99 percent in the number of false positives, in comparison to solutions that are based on rules.
At the ThetaRay customer event titled “AI in Preventing Financial Crime: A New Normality,” which will take place in Lagos on May 4, with the participation of executives from Nigeria’s banking and fintech industries, you will have the opportunity to learn more about the journey that Vigipay has taken.
More on ThetaRay
The AI-powered SONAR transaction monitoring system offered by ThetaRay, which is founded on the concept of “artificial intelligence intuition,” enables financial institutions and fintech companies to increase their business opportunities and revenue through the use of trusted and reliable international financial transactions.
The innovative method not only boosts risk coverage but also improves customer satisfaction and lowers expenses associated with regulatory compliance. ThetaRay’s unbeatable combination of a low false positive rate and a high detection rate is of enormous use to financial institutions that operate in ecosystems that are both very varied and extremely complex.