Noda taps ThetaRay for Sonar AML solution
UK-based open banking fintech Noda has partnered with ThetaRay to enhance its transaction monitoring and anti-money laundering (AML) compliance capabilities using the regtech’s Sonar solution.
Noda taps ThetaRay for Sonar solution
Noda allows e-commerce merchants in Europe to receive direct bank payments via its open banking payment solution, providing an alternative to cards. The solution integrates with most banks across Europe.
Noda will implement ThetaRay’s AI-powered Sonar solution, which will monitor all payments for any potential money laundering attempts as well as unknown financial crime threats.
The solution will allow Noda to keep on top of the complex and evolving regulatory landscape, as well as manage compliance issues surrounding monitoring transactions in the Single Euro Payments Area (SEPA) across multiple channels and jurisdictions.
Although SEPA simplifies bank transfers of euros to member countries, financial institutions handling transactions don’t have full visibility into the profiles and activities of customers.
To help with this, Sonar provides “deep, AI-generated” insights that can identify anomalous behaviour that indicates whether financial crime is afoot.
Noda chief compliance officer Lasma Gavarane says the Sonar solution will “enhance the overall security and reliability” of the company’s payment services.
