Nigerian fintech Arca taps ThetaRay for AI-powered AML solution

African payment services provider Arca has tapped ThetaRay for its SONAR anti-money laundering (AML) and sanctions screening solution.

Arca taps ThetaRay for AML regtech solution

Arca will be the first Nigerian fintech to utilise ThetaRay’s AI-powered software-as-a-service (SaaS) solution.

Founded in 2016, Arca provides a payment services platform that enables banks, financial institutions, developers and SMEs to connect and create solutions for their customers.

ThetaRay says its tech will help the firm to provide inclusive financial services across the continent.

Arca chief information security officer Alex Umeh says SONAR’s machine learning algorithms can instantly spot any attempts to launder money or circumvent sanctions, “no matter how sophisticated”.

“This will help us to create new lines of revenue, better serve our customers and continue to remain compliant with regulatory requirements.”

Israeli regtech ThetaRay says its “artificial intelligence intuition” technology can detect known and unknown threats, with a 95% detection rate and 99% reduction in false positives.

ThetaRay CEO Mark Gazit says instant payments “have become the new norm in the digital ecosystem” and the partnership will help facilitate the “expansion of the world economy by enabling financial inclusion”.