Business and Economy

VigiPay partners with ThetaRay AI Solution to enhance safety of financial transactions

ThetaRay, a provider of AI-powered transaction monitoring technology, and VigiPay, a Nigerian fintech that offers digital payment services, have announced their partnership to guard VigiPay’s expanding business against threats associated with money laundering, sanctions violations, and other financial crime.

Through the contract, ThetaRay will give VigiPay access to its SONAR AML solution, a platform for cloud-based transaction monitoring and screening that can spot the earliest indications of sophisticated money laundering activity. The new technology will make it possible for VigiPay to expand transaction volumes and value services for both local and international payments while maintaining regulatory compliance and customer transaction transparency.

This new partnership demonstrates ThetaRay’s ongoing development in the Nigerian financial system. In Nigeria and throughout Africa, VigiPay is a platform for online B2B payments and cross-border transfers. It offers corporate and governmental entities automated payment collection services, including POS terminals for domestic and international payments and auto reconciliations.

“We are committed to increasing AML compliance as we enter the worldwide market. We will be able to negotiate deals with bigger organizations around the world that value automated procedures and transaction transparency thanks to the introduction of an AI tool for transaction monitoring and screening, according to Oluseyi Oluwabusola, general manager of VigiPay.

ThetaRay is a great coworker in getting this fit. With the inclusion of automated transaction screening and monitoring, our efficiency is on track to reach a new all-time high, enabling us to better serve our customers. We are dedicated to assisting clients in quickly and easily accessing many nations so they can expand their businesses and succeed in the cutthroat market of today.

With a number of steps, such as limits on ATM and government accounts, aimed at pushing digital payments, the Nigerian government has been leading efforts to transition to a cashless society.

ThetaRay CEO Mark Gazit said, “We are pleased to collaborate with an innovative Nigerian fintech that stresses trust and service to promote financial inclusion in Africa. “ThetaRay AI technology is establishing a new standard of trust in the expanding world of online payments, enabling fintechs to develop quickly in terms of revenue by providing access to new global financial partners.

In order to detect anomalies outside of expected behavior, including entirely new typologies, ThetaRay’s award-winning SONAR system replaces human bias with a proprietary kind of AI called artificial intelligence intuition. It makes it possible for banks and fintech companies to deploy a risk-based strategy to efficiently spot genuinely suspicious behaviour, especially along intricate, international transaction channels. In comparison to rules-based systems, this enables the speedy discovery of both known and unidentified money laundering threats and a 99.9% reduction in false positives.

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