VigiPay, a Nigerian fintech providing digital payment services, and ThetaRay, a provider of AI-powered transaction monitoring technology, announced they will collaborate to protect VigiPay’s growing business against money laundering, sanctions violations, and other financial crime risks.
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.
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.
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 organisations.
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% reduction in false positives compared to rules-based solutions.
“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, VigiPay.
“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,” said Mark Gazit, CEO of ThetaRay.
