#Harnessing the Power of AI to Combat Illegal Transactions and Sanctions Violations in Nigeria: Zone and ThetaRay Join Forces

It is reported that the regulated tier 1 blockchain payment network Zone in Africa and the artificial intelligence transaction monitoring technology provider ThetaRay have announced that they will cooperate to implement ThetaRay’s cloud based SONAR solution to monitor and screen Zone transactions for illegal activities and violations of sanctions in Nigeria.

Blockchain payment network Zone uses ThetaRay to filter transactions

Blockchain technology has revolutionized the way we conduct business and financial transactions. The potential of blockchain to transform the world of finance and banking is immense, but that potential comes with its fair share of challenges. Among these challenges are fraud, money laundering, and violations of sanctions. These illicit activities threaten the integrity of the blockchain network and undermine its potential to foster trust and transparency in the financial system.
To combat these issues, the regulated tier 1 blockchain payment network Zone in Africa and the artificial intelligence transaction monitoring technology provider ThetaRay have announced their partnership to implement ThetaRay’s cloud-based SONAR solution to monitor and screen Zone transactions for illegal activities and violations of sanctions in Nigeria.
##What is Zone?
Zone is a regulated tier 1 blockchain payment network that enables secure and seamless payments and remittances across Africa. Zone leverages cutting edge blockchain technology to provide fast, cost-effective, and transparent payment services to individuals, businesses, and institutions alike.
##What is ThetaRay?
ThetaRay is an artificial intelligence (AI) transaction monitoring technology provider. It provides a cloud-based SONAR solution that uses advanced pattern recognition algorithms and machine learning techniques to detect anomalies, fraud, and money laundering activities in real-time.
##The Partnership between Zone and ThetaRay
The partnership between Zone and ThetaRay aims to address the challenges of fraud, money laundering, and sanctions violations that have become prevalent in the blockchain-based financial services industry. The partnership will leverage ThetaRay’s AI-powered SONAR solution, which enables real-time detection and prevention of financial crimes.
Zone will integrate ThetaRay’s SONAR solution into its payment network to screen all transactions for any suspicious activities. The ThetaRay system will analyze historical and real-time transaction data using advanced analytics and risk-based modeling to detect potential fraud and alert Zone’s compliance team.
##Benefits of ThetaRay’s SONAR Solution
ThetaRay’s SONAR solution offers several benefits that make it an ideal choice for Zone’s transaction monitoring needs:
###Real-time Detection and Prevention of Fraud
ThetaRay’s SONAR solution is designed to detect and prevent fraud in real-time. It analyzes each transaction from multiple angles simultaneously, using advanced analytics and machine learning algorithms to identify patterns and anomalies, and highlight potential fraudulent activities.
###Risk-based Modeling and Anomaly Detection
ThetaRay’s SONAR solution uses a combination of data-driven and rule-based models to detect anomalies and highlight potential areas of risk. The system is highly flexible and can be customized to suit the specific needs of Zone’s payment network.
###Scalability and Reliability
ThetaRay’s SONAR solution is highly scalable and can handle large amounts of transaction data in real-time, making it an ideal choice for Zone’s payment network. The system is also highly reliable, with redundancy built-in to ensure continuous operation even in the event of system failures.
##Conclusion
Zone’s partnership with ThetaRay is a significant development for the blockchain-based financial services industry in Africa. By leveraging ThetaRay’s AI-powered SONAR solution, Zone is taking a proactive approach to combatting fraud, money laundering, and sanctions violations in its payment network. The partnership represents a significant step towards building a safer, more transparent, and trustworthy financial system in Africa.
##FAQs
###What is Zone’s payment network?
Zone is a regulated tier 1 blockchain payment network that enables secure and seamless payments and remittances across Africa.
###What is ThetaRay’s SONAR solution?
ThetaRay’s SONAR solution is an AI-powered transaction monitoring technology that uses advanced analytics and machine learning algorithms to detect and prevent fraud, money laundering, and sanctions violations in real-time.
###How will ThetaRay’s SONAR solution benefit Zone’s payment network?
ThetaRay’s SONAR solution offers real-time detection and prevention of fraud, risk-based modeling and anomaly detection, and scalability and reliability, making it an ideal choice for Zone’s payment network.