Noda Chooses ThetaRay AI Solution to Monitor Open Banking Services
Noda, an open banking fintech, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced they will collaborate to enhance payment monitoring and compliance capabilities on Noda’s growing platform that is supporting the new digital economy in Europe.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230314005089/en/
Accept online payments with Noda. (Graphic: Business Wire)
Headquartered in the UK, Noda is helping online merchants in Europe receive direct bank payments from eCustomers via a secure and instant one-stop open banking payment solution, as an alternative to cards, providing direct integration with banks in most European countries.
Through the agreement, Noda will implement ThetaRay’s sophisticated AI-powered SaaS SONAR solution for AML that detects known and unknown financial crime threats and the earliest indications of schemes. The system will enable Noda to stay up to date with the complex and constantly evolving regulatory landscape, as well as manage the compliance challenges involved with monitoring transactions in the Single Euro Payments Area (SEPA) across multiple channels and jurisdictions.
"With ThetaRay's advanced transaction monitoring system and our expertise in payment services and compliance, we are poised to take our business to the next level and provide even more value to our customers,” said Lasma Gavarane, Chief Compliance Officer/MLRO at Noda. “Together, we will be able to detect and prevent financial crimes, comply with evolving regulatory requirements, and therefore enhance the overall security and reliability of our fast and convenient payment services to customers.”
While SEPA simplifies bank transfers of euro to member countries, financial institutions handling transactions don’t have full visibility into the profiles and activities of customers. By providing deep, AI-generated insights, the ThetaRay system can identify anomalous behavior indicating financial crime.
“Noda is an innovation leader in the European payments market as it transforms into a more competitive and more efficient network that is enabling the digital economy. The adoption of sophisticated AI technology to fight financial crime brings the trust to a payments ecosystem that serves as a fintech growth engine,” said Mark Gazit, CEO of ThetaRay. “We are looking forward to a successful partnership with Noda to develop and grow European fintech.”
Fintechs in Europe represent a total valuation of almost €430 billion, more than the combined market capitalization of Europe’s seven largest listed banks according to a recent report.1
ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias, giving the system the power to recognize anomalies and find unknowns outside of normal behavior, including completely new typologies. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. This allows the rapid discovery of both known and unknown money laundering threats, and up to 99 percent reduction in false positives compared to rules-based solutions.
(1) McKinsey, Europe’s Fintech Opportunity Report, October, 2022.
Headquartered in the UK, with offices in Spain, Latvia, Lithuania, and Cyprus, Noda has advanced its instant payment solution (the Noda Pay button) outpacing others in the Open Banking sphere. Noda enables merchants to receive direct bank payments from eCustomers via Open Banking as an alternative to cards. Merchants can implement Open Banking payments quickly via Noda API, making use of their intuitive UX and lower fees. Noda’s service ensures an easy, instant, and secure one-stop Open Banking payment solution, providing direct integration with banks in most European countries, including Spain, France, Germany, Italy, Austria, and the UK. Integration is currently available for over 300 banks.
ThetaRay's AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows banks and fintechs to expand their business opportunities through safe and reliable cross-border payments. The groundbreaking solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay's unmatchable low false positive and high detection rates.
Learn more at www.thetaray.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230314005089/en/
Nina Gilbert, ThetaRay PR
Dana Lihotina, Noda PR
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Luno Announces Leadership Transition22.3.2023 13:00:00 EET | Press release
Luno, a leading cryptocurrency wallet and exchange serving customers across 40 countries, today announced a series of strategic initiatives to position the company for its next phase of growth. Luno’s co-founder and Chief Executive Officer Marcus Swanepoel is moving into a new role as Executive Chairman, and Chief Operating Officer James Lanigan, who has been with the company for five years, is elevated to CEO. As Executive Chairman, Swanepoel will continue to work closely with Lanigan to guide Luno’s vision and strategy, while focusing on broadening Luno’s investor base to support the company’s next stage of growth. As part of this process, Luno has hired Canaccord Genuity Group to help bring on new institutional and strategic investors alongside Digital Currency Group (DCG) to fund scaling, support expansion, accelerate market share gain, and prepare the company for an eventual public listing. “Co-founding and serving as the CEO of Luno for the past ten years has been the greatest ho
The LYCRA Company Announces Latest Higg Achievements22.3.2023 12:00:00 EET | Press release
The LYCRA Company, a global leader in developing innovative fiber and technology solutions for the apparel and personal care industries, announced today that several of its manufacturing sites had their Higg Facility Environmental Module (Higg FEM) and Higg Facility Social & Labor Module (Higg FSLM) self-assessments verified by an independent third party last year and achieved scores in the top quartile. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230322005015/en/ The LYCRA Company’s manufacturing sites in Waynesboro, Virginia; Maydown, Northern Ireland; and Foshan, China, completed verification for the Higg FEM module, while its Tuas, Singapore, and Maydown sites completed verification for the Higg FSLM module. The LYCRA Company’s manufacturing sites in Waynesboro, Virginia; Maydown, Northern Ireland; and Foshan, China, completed verification for the Higg FEM module, while its Tuas, Singapore, and Maydown sites completed
The European Circular Economy Project TREASoURcE to Install Stationary Battery Systems for Energy Storage Purposes at Two Demo Sites in Norway and Finland22.3.2023 11:44:00 EET | Press release
As part of the four-year circular economy project TREASoURcE, a stationary Battery Energy Storage System (BESS) built with used electric vehicle batteries will be commissioned at two demo sites in Norway and Finland over the summer 2023. The demonstrations aim to increase knowledge of the batteries’ second life and their functionality and how stationary batteries can be used to balance electricity demand. The intended result is to accelerate the market uptake of this technology. The selected demo sites are Rudskogen Motorsports Centre in Viken, Norway, and the municipally owned Lempäälä House in Lempäälä, Finland. The pilot is led by the Norwegian research organisation SINTEF and the battery systems will be supplied by the Norwegian company ECO STOR AS. The system stores excess energy from solar panels which in turn is used to cut power peaks for the facilities. The BESS can thus be used to shift energy consumption to reduce the energy cost and provide stabilization for the entire powe
IQM Academy: Europe's Leading Quantum Computer Manufacturer Launches Free Online Course for All22.3.2023 11:00:00 EET | Press release
IQM Quantum Computers (IQM), the European leader in building quantum computers, today launched a global initiative, “IQM Academy,” to offer a free online quantum training course to educate and prepare talent for quantum workforce development. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230322005239/en/ IQM - The Journey of a Quantum Algorithm (Graphic: Business Wire) IQM aims to reach high school and university students, educators, and enthusiasts who are curious to start learning about the fundamentals of quantum computing. Dr. Jan Goetz, CEO and Co-founder at IQM Quantum Computers, said: “We are excited about this initiative, which is part of our commitment to provide education on quantum computing to everyone, regardless of their background. Anyone, anywhere in the world, can access the course online and learn the basics of quantum computing with self-learning exercises and guidance from our world-class quantum experts
Aurachain to Integrate AI Technology into its Low-Code Platform for Enhanced Application Development22.3.2023 11:00:00 EET | Press release
Today Aurachain, the low-code development platform for process applications, announced its upcoming integration of cutting-edge artificial intelligence (AI) technology. The initiative includes the addition of powerful AI-assisted capabilities that will help Aurachain customers to design, build, and optimize apps with contextual help and insights into process activities, thereby ushering in a new era of workflow automation. This integration represents a significant enhancement of the platform’s capabilities, through AI, including Generative AI, image recognition, reactive AI, and unsupervised machine learning. The app creators will be able to effortlessly define custom behaviors for User Interfaces, parse scanned documents, validate IDs, and even leverage facial recognition via connections to third-party AI services. "AI technology is rapidly advancing, and we recognize the significant role it can play in streamlining the application creation process even further," said Adela Wiener, CE
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom