AI technology offered by ThetaRay aims to monitor ARCA’s African payments

Nigerian Fintech Selects Software-as-a-Service and Sanctions Screening Solution SONAR to Combat Money Laundering, Create New Revenue Opportunities and Improve Customer Service

NEW YORK and TEL AVIV, Israel and LAGOS, Nigeria, September 13, 2022–(BUSINESS WIRE)–ThetaRay, a pioneering provider of AI-powered transaction monitoring technology, today announced that ARCA, a pioneering payment services provider in Africa, will implement the advanced solution of Anti-money laundering and sanctions screening SaaS SONAR transaction monitoring offered by ThetaRay, on its AI-powered open platform.

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Alex Umeh, Director of Information Security at ARCA (Photo: Business Wire)

ARCA is the first Nigerian fintech to adopt ThetaRay’s advanced SONAR solution, renowned in the industry for its ability to detect the earliest signs of sophisticated financial crime. ARCA provides advanced digital payments for an open banking ecosystem, helping to develop innovative and inclusive financial services across Africa.

“Our mission is to provide feature-rich financial solutions delivered through an open and flexible digital platform, through the use of cutting-edge technologies,” said Alex Umeh, Director of Information Security at ARCA. “ThetaRay’s SONAR solution is a perfect fit. Its machine learning and advanced algorithms can instantly detect any money laundering or sanctions evasion attempt, no matter how sophisticated. This will help us create new revenue streams, better serve our customers and comply with regulatory requirements.”

For his part, Mark Gazit, CEO of ThetaRay underlined: “Instant payments have become the new normal in the digital ecosystem, and ARCA is the leader leading this revolution in the African financial system. And to add: “ARCA gives priority to trust and quality. We are excited to build this partnership and help facilitate both the growth of their business and the expansion of the global economy by enabling financial inclusion. »

SONAR is based on an advanced form of artificial intelligence (AI) that makes better decisions without bias or thresholds. This solution enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a complete picture of customer identities, including across complex cross-border transaction pathways. It enables rapid discovery of known and unknown money laundering threats, with a 99% reduction in false positive results compared to rules-based solutions.

About the ARCA

ARCA was founded in 2016 with a clear vision to become the premier payment services platform in Africa, driving financial inclusion and innovation, and actively shaping the future of financial services across the region. The ARCA system allows banks, financial institutions, developers and SMEs to seamlessly connect and build solutions for their customers.

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About ThetaRay

SONAR transaction monitoring solution offered by ThetaRay, powered by AI and based on “artificial intelligence intuition”, enables banks and fintechs to expand their business opportunities and increase their revenues thanks to reliable cross-border payments. The revolutionary solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. ThetaRay’s technology is the only Software as a Service (SaaS) offering that analyzes SWIFT traffic, risk indicators and customer/payer/payee data to detect anomalies indicating certain money laundering activity at through complex cross-border transaction channels on a single unified platform. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay’s low false positive results and unparalleled high detection rates.

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Nina Gilbert, ThetaRay

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