Nigeria-based blockchain fintech, Zone integrates ThetaRay’s SONAR AI to monitor payments

Nigeria-based blockchain fintech, Zone integrates ThetaRay’s SONAR AI to monitor payments


Zone, formerly Appzone, Africa’s first regulated layer-1 blockchain network for payments, and ThetaRay, a provider of AI-powered transaction monitoring technology, announced that they will collaborate to implement ThetaRay’s cloud-based SONAR solution to monitor and screen Zone’s transactions in Nigeria for illegal activities and violations of sanctions.

Headquartered in Lagos, Zone serves major commercial banks, payment fintechs, digital banks and OFIs with real-time, low-cost settlement of both fiat and digital currencies for domestic and cross-border payments.

Through the agreement, ThetaRay will provide Zone with the SaaS-based SONAR AI solution that can detect and prevent the earliest signs of sophisticated attempts to launder money or circumvent financial sanctions and watchlists. The solution will help Zone ensure it fully complies with regulatory AML requirements and increase growth opportunities by offering a reliable and secure service.

Zone is Africa’s first decentralized or peer-to-peer payment network based on blockchain technology, allowing payment transactions without reliance on an intermediary switch.

The decentralized architecture and underlying technology increase reliability, eliminate customer disputes, reduce operational costs and automate back office reconciliation. The network is a true online infrastructure with a transaction processing capacity of over 50,000 transactions per second.

ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, Artificial Intelligence Intuition, which replaces human bias, giving the system the power to recognize anomalies and find unknowns outside of normal behavior, including entirely new typologies.

It enables fintechs and banks to implement a risk-based approach to effectively identify suspicious activity and create a complete picture of customer identities, including across complex cross-border transaction paths. This allows rapid detection of both known and unknown money laundering threats.

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“We are excited about our partnership with ThetaRay, a collaboration that represents a significant step forward in our vision to become one global network to pay anyone, in any way, in any currency, in the most efficient and secure the ways possible,” said Elendu Uche, Co-Founder and Chief Operating Officer, Zone.

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