Noda will implement ThetaRay’s AI-powered SaaS SONAR solution for AML, which 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 evolving regulatory landscape. In addition, ThetaRay’s solution will help Noda manage the challenges of monitoring transactions in the Single Euro Payments Area (SEPA) across multiple channels and jurisdictions.

Noda CCO Lasma Gavarane said: “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

“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”, Gavarane continued.

ThetaRay explained

Israeli-based ThetaRay offers big data analytics solutions that help companies monitor, identify and mitigate cyber-attacks, ATM hacks, frauds, money laundering activities and unknown risks and threats.

In December 2022, the company partnered with Dubai-based fintech Now Money to monitor cross-border payments across GCC nations using ThetaRay’s SONAR.

ThetaRay’s money laundering solution helps reveal known and unknown money laundering risks, with some claiming it lowers false positives by up to 99% when compared with rules-based technologies.

Mark Gazit, CEO of ThetaRay, welcomed the partnership between his company and Noda.

“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”, Gazit said.

“We are looking forward to a successful partnership with Noda to develop and grow European fintech”, he added.