Zone and ThetaRay Partner to Monitor Blockchain Payments in Nigeria

It is reported that the regulated tier 1 blockchain payment network Zone in Africa and the artificial intelligence transaction monitoring technology provider ThetaRay have announced that they will cooperate to implement ThetaRay’s cloud based SONAR solution to monitor and screen Zone transactions for illegal activities and violations of sanctions in Nigeria.

Blockchain payment network Zone uses ThetaRay to filter transactions

Blockchain payment network, Zone, and artificial intelligence transaction monitoring technology provider, ThetaRay, have come together to implement global sanctions screening in Nigeria. The two companies aim to detect and deter transactions that may involve illegal activities or violation of sanctions. The partnership involves the integration of ThetaRay’s cloud-based screening solution, SONAR, into Zone’s payment network.

Introduction

With the rise of blockchain technology, digital payments have transformed the financial sector in Africa. As more people and businesses embrace cryptocurrency, there is a need for robust monitoring and compliance measures to prevent illegal activities and violation of sanctions. ThetaRay, an Israel-based fintech, has been at the forefront of providing artificial intelligence solutions for banking, financial services, and insurance industries. Zone, on the other hand, has been developing and operating a regulated tier 1 blockchain payment network in Africa. This article looks at Zone and ThetaRay’s partnership to deploy cloud-based screening technology to monitor and screen payments in Nigeria.

Understanding Zone and ThetaRay

Zone is a Lagos-based blockchain payment network that allows individuals and businesses to make transactions and payments. The payment network is secured by blockchain technology, making it tamper-proof and decentralized. Besides, Zone is compliant with Anti-Money Laundering (AML) and Sanctions regulations, making it a reliable payment gateway. For years, Zone has been committed to creating a seamless and secure payment environment for its users. Therefore, the partnership with ThetaRay comes as part of its expansion and integration strategy.
On the other hand, ThetaRay is a multinational fintech company that specializes in Big Data Analytics, machine learning, and artificial intelligence for financial institutions. ThetaRay’s flagship product, SONAR, is an AI-powered technology that can detect and prevent financial fraud, money laundering, and terrorist financing. SONAR uses cognitive analytics and deep learning algorithms to analyze vast amounts of data, detecting both known and unknown risks to a financial institution’s sectors. ThetaRay boasts a worldwide customer base, which includes leading banks and financial institutions.

The Need for Monitoring Transactions in Nigeria

Nigeria is one of the most populous African countries, with a high number of unbanked citizens. With the rise of cryptocurrency, many Nigerians have turned to digital payments, and the market is expected to grow tremendously in the coming years. However, the payment industry in Nigeria has been grappling with numerous challenges, such as fraud, corruption, and lack of reliable payment channels. Moreover, Nigeria has been under international sanctions, mainly targeting the oil sector.
According to the United Nations Office on Drugs and Crime, Nigeria is one of the highest-ranked African countries concerning money laundering and terrorist financing activities. Therefore, the partnership between Zone and ThetaRay comes as a welcome solution to monitor and screen payments made in Nigeria. The deployment of SONAR’s cloud-based screening technology in Zone’s payment network will enable real-time monitoring of transactions, detecting any suspicious or irregular activities.

Benefits of Zone and ThetaRay’s Partnership

The partnership between Zone and ThetaRay is a significant step in ensuring a seamless and secure payment ecosystem in Nigeria. The integration of SONAR screening technology will help Zone in the following ways:

Real-Time Payments Monitoring

The SONAR solution offers real-time payments monitoring, enabling Zone to detect any suspicious transactions and flag them for further investigation. The technology can detect irregular payment patterns, unusual payment frequency, and geolocation-based payment patterns.

Fraud Detection and Prevention

ThetaRay’s big data and machine learning expertise can ensure that Zone’s payment network is safeguarded against fraudulent activities, including money laundering and terrorist financing. The technology can help Zone filter out false positives and reduces the risk of costly manual reviews, further saving time and money.

Regulatory Compliance

Zone’s partnership with ThetaRay ensures that its payment network is in compliance with anti-money laundering and sanctions regulations. SONAR’s capabilities enable Zone to monitor transactions for any compliance issues proactively. Besides, ThetaRay’s established systems for regulatory reporting allow Zone to comply with global financial regulations.

Conclusion

Zone’s partnership with ThetaRay is an exciting development that signals the growing importance of blockchain and artificial intelligence in Africa’s payments industry. The partnership will undoubtedly propel Zone’s growth and market reach, increasing its ability to offer secure and reliable payments services. By deploying ThetaRay’s cloud-based screening solutions, Zone can provide its customers with a seamless, secure, and regulatory-compliant payment network. The partnership is a testament to the transformative power of blockchain technology and artificial intelligence in creating a fairer and safer financial ecosystem.

FAQs

1. What is Zone, and how does it work?
2. Why is it essential to monitor payments for fraud, money laundering, and terror financing in Nigeria?
3. What are the implications of ThetaRay’s cloud-based SONAR solution to Zone’s payment network?
#