Zone, Africa’s first regulated Tier 1 blockchain network for payments, and ThetaRay, a leading provider of AI-powered transaction tracking technologies, announced in a statement that they will work together to implement the cloud-based ThetaRay Sonar solution , to monitor and audit Zone transactions in Nigeria in order to “identify illegal activities and sanctions violations”.
Zone, headquartered in Lagos, serves major commercial banks, payment fintechs, digital banks and other financial institutions with low-cost, real-time settlement in fiat and digital currencies for domestic and cross-border payments.
Through this agreement, ThetaRay will provide Zone with a software-as-a-service (SaaS) AI solution that can detect and prevent the early signs of sophisticated money laundering attempts or the evasion of financial sanctions and watchlists.
As local media note, the new partnership highlights ThetaRay’s expansion into the Nigerian payments market through fintechs.
Zone is the first decentralized or peer-to-peer payment network in Africa based on blockchain technology, which allows you to make payment transactions without resorting to intermediary transfers.
The decentralized architecture and underlying technology improve reliability, eliminate trade disputes, reduce transaction costs and automate back-office reconciliation.
The network is a true web-scale infrastructure, with a transaction processing capacity of over 50,000 transactions per second. [Da Redazione InfoAfrica]
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