BLOCKCHAIN SOLUTIONS
ZONE ADOPTS THETARAY AI SOLUTION TO MONITOR AND SCREEN PAYMENTS IN NIGERIA
web-scale infrastructure with a capacity for transaction processing throughput of over 50,000 transactions per second .
“ We are thrilled with our partnership with ThetaRay , a collaboration that represents a significant step forward in our vision to become one global network to pay anyone , through any means , in any currency , in the most efficient and secure means possible ,” said Elendu Uche , Co-founder and Chief Operating Officer , Zone . “ By integrating with ThetaRay , we have enhanced our security measures and improved our regulatory compliance while providing faster transaction processing for our users within our decentralised payment network . We look forward to working even more closely with ThetaRay to continue delivering frictionless operations and reliable transactions to our customers .”
Zone , one of Africa ’ s first regulated Layer-1 blockchain networks for payments , and ThetaRay , a leading provider of AI-powered transaction monitoring technology , has announced they will collaborate to implement ThetaRay ’ s cloud-based SONAR solution to monitor and screen Zone ’ s transactions in Nigeria for illicit activities and sanctions violations .
Headquartered in Lagos , Zone serves large 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 a 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 its growth opportunities by providing a trustworthy and secure service .
The new collaboration highlights ThetaRay ’ s expansion in Nigeria ’ s FinTech payments market .
Zone is one of Africa ’ s first decentralised or peer-to-peer payment networks based on blockchain technology , which allows payment transactions without dependence on intermediary switches . The decentralised architecture and the underlying technology enhance reliability , eliminate customer disputes , reduce the cost of operations and automate backoffice reconciliation . The network is a true
As one of Africa ’ s largest economies with a population of 200 million , Nigeria is home to a large FinTech ecosystem and more than 200 FinTech companies . The country ’ s youthful population has driven Nigeria ’ s thriving FinTech sector , increased smartphone penetration and a focused regulatory drive to increase financial inclusion and cashless payments , according to the McKinsey research firm . The booming FinTech market is helping improve financial inclusion in Nigeria , where more than 40 % of the population is unbanked .
“ Zone is a leading Nigerian FinTech innovation with a platform capable of revolutionising the financial system through inclusive services that positively impact people ’ s lives ,” said Mark Gazit , CEO of ThetaRay . “ By deploying sophisticated AI technology to monitor and screen payments , Zone will embed the trust into its services , enabling it to grow volume , revenues and ecosystem partners .” � www . intelligentfin . tech
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