ThetaRay AML solution to monitor Noda Open Banking Services
Noda to implement ThetaRay solution for open bank transaction monitoring across SEPA (Single Euro Payments Area).
Open banking fintech Noda has confirmed that it will deploy the artificial intelligence (AI)-powered transaction monitoring technology of ThetaRay across its platform as a means of improving payment monitoring and compliance capabilities.
Headquartered in the UK, Noda is a platform for European online merchants to receive direct bank payments from their digital customers through the use of Noda’s open bank payment solution.
The latest deal with ThetaRay will see the platform adopt the partner’s AI-powered software-as-a-service (SaaS) solution; SONAR.
The solution offers anti-money laundering (AML) measures, compliance management and the ability to monitor transactions in SEPA across multiple channels and jurisdictions.
“With ThetaRay’s transaction monitoring system, we are ready to take our business to the next level and provide even more value to our customers,” comments Lasma The GavarsChief Compliance Officer/MLRO in Noda.
“Together we will be able to detect and prevent financial crime, comply with regulatory requirements and therefore improve the overall security and reliability of our payment services to customers.”
Not so simple SEPA
While Noda recognizes the benefits of SEPA in facilitating euro-based bank transfers between member states, the platform also acknowledges the scheme’s failings in terms of the transparency it provides to financial institutions dealing with transactions across different customer profiles and behaviours; or lack thereof.
With this, the company came to terms with the necessity of appropriate AML controls, especially across a multi-jurisdictional payment zone, which led the company to now adopt the SONAR solution.
ThetaRay CEO, brand Gazite states that while Noda is “transforming into a more competitive and efficient network”, the use of SONAR’s AI technology to reduce financial crime “brings confidence in a payments ecosystem that acts as a fintech growth engine”.
“We look forward to a successful partnership with Noda to develop and grow European fintech,” adds Gazit.
However, this arrangement with Noda is nothing new for ThetaRay. Indeed, the solution has proven to be popular among the world’s leading banks and fintechs seeking AML functions within their own services.
Just last month, ThetaRay’s solution was adopted in two more cases of AML administration, with its application within Tudiits financial management app in Mexico and its work with US insurtech Pee are two central examples.
