Napier Selected by Lyra to Bolster Transaction Monitoring

Napier, an anti-financial crime compliance technology specialist, has established a partnership with European and unified payment solutions provider Lyra Group, to offer the latter advanced transaction monitoring and hosting and improve its compliance framework.

Lyra is eyeing global expansion, aiming to replace its legacy tech with Napier’s advanced solution to meet the highest level of compliance standards. Meanwhile, the payment firm is intended to scale up transaction volumes with speed and accuracy.  

According to the official press release, the collaboration will be performed in two phases. Initially Lyra will leverage Napier's existing transaction monitoring rules. Then both companies will collaborate on creating additional rules based on specific typologies tailored to Lyra’s risk profile.

"Compliance is an essential part of our business. We promise to ensure that all transactions through our platform are legitimate. By partnering with Napier, we can deploy its AI-powered technology to supercharge our regulatory infrastructure. This makes it easy for our compliance teams to identify cases that require further investigation. In this way we can continue to guarantee the security and reliability of transactions, even as we expand," Lyra Collect's vice director Rebecca Masse commented.

The latest partnership comes after Mizuho Trust and Banking (Luxembourg) S.A​ , the Luxembourg subsidiary of Japan's Mizuho Trust & Banking division, tapping Napier to upgrade its Transaction Monitoring framework strategy.