In a bid to mitigate money laundering and help detect fraudulent transactions, African payment services provider Arca, a highly advanced tech platform that helps empower the new digital era of payments, has tapped ThetaRay solutions, for its Sonar anti-money laundering (AML) and sanctions screening.
Thetaray is a leading provider of AI-powered transaction monitoring technology, that provides unknown threat detection solutions to critical infrastructure, financial institutions, and other verticals.
It is interesting to note that ARCA is the first Nigerian fintech to adopt ThetaRay’s advanced SONAR solution, deployed to help detect sophisticated financial crimes.
The Chief Information Security officer Arca, Alex Umeh disclosed that Sonar’s machine learning algorithms will help to instantly spot any attempts to launder money or circumvent sanctions, no matter how sophisticated.
In his words; “Our mission is to provide feature-rich financial solutions delivered through an open and flexible digital platform, through the use of cutting-edge technologies.
“ThetaRay’s SONAR is a perfect fit. Its advanced machine learning and algorithms can instantly spot any attempts to launder money or circumvent sanctions, no matter how sophisticated.
“This will help us to create new lines of revenue, better serve our customers, and continue to remain compliant with regulatory requirements.”
Speaking on this partnership with ARCA, CEO of ThetaRay, Mark Gazit, said; “Instant payments have become the new norm in the digital ecosystem, and ARCA is a leader in driving this revolution in the African financial system.
“We are thrilled to build this partnership and help facilitate both the growth of their business and expansion of the world economy by enabling financial inclusion.”
With mobile fraud on the rise, in order to build and deploy a security-sensitive application, an organization must ensure to integrate a range of security tools and components that will help detect and mitigate fraudulent activities.
