Nigerian Fintech Firm Arca Selects ThetaRay's Sonar AML Monitoring Tech

African payment services provider Arca has tapped ThetaRay for its Sonar anti-money laundering (AML) and sanctions screening solution.

Arca will be the first Nigerian fintech to utilise ThetaRay's AI-powered software-as-a-service (SaaS) solution.

Founded in 2016, Arca provides a payment services platform that enables banks, financial institutions, developers and SMEs to connect and create solutions for their customers.

ThetaRay said its tech will help the firm to provide inclusive financial services across the continent.

Arca chief information security officer Alex Umeh says Sonar's machine learning algorithms can instantly spot any attempts to launder money or circumvent sanctions.

"This will help us to create new lines of revenue, better serve our customers and continue to remain compliant with regulatory requirements."

ThetaRay CEO Mark Gazit commented on instant payments: "have become the new norm in the digital ecosystem" and the partnership will help facilitate the "expansion of the world economy by enabling financial inclusion".