Nigerian paytech VigiPay taps ThetaRay for Sonar AML solution
Nigerian paytech VigiPay has selected ThetaRay and its Sonar anti-money laundering (AML) solution to protect its growing business against sanctions violations and other types of financial crime.
VigiPay taps ThetaRay for Sonar AML solution
The cloud-based Sonar transaction monitoring and screening platform leverages artificial intelligence (AI) to identify suspicious activity with a 99% reduction in false positives.
VigiPay is a paytech firm for cross-border remittances and online B2B payments operating across Nigeria and Africa. It provides automated payment collection services for local and international payments and auto-reconciliations for corporates and government organisations.
The company’s general manager Oluseyi Oluwabusola says the protection offered by Sonar will enable the paytech “to close transactions with larger corporations all over the world”.
“Our efficiency is set to achieve a new all-time high with the addition of automated transaction screening and monitoring, allowing us to better serve our consumers.”
The move to a cashless society in Nigeria has emphasised the need for secure digital payments in the country.
Israel-based ThetaRay has signed a number of new African clients for its Sonar AML solution in recent times, including Nigerian fintech Arca and South Africa’s Apollo Fintech.
