Fintech risk management specialist, Napier will deploy its AI-powered technology to strengthen Lyra Group’s compliance framework as part of a new partnership, the companies have announced.
The advanced transaction monitoring and hosting solution, which will beef up Lyra’s transaction security, will be implemented in two phases. Initially, the two organisations said they will rely on Napier’s existing transaction monitoring rules, before collaborating to create additional rules based on specific typologies tailored to Lyra’s risk profile.
Based in France, Lyra was accredited by French regulatory body ACPR in 2017. Through its offer Lyra Collect, it provides point-of-sale (POS) services, mobile and e-commerce solutions throughout Europe, including a range of payment methods such as recurring or one click.
Lyra Collect’s vice director, Rebecca Masse said, “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.”
With ambitions to further scale its business globally in terms of transaction volumes, a key focus for Lyra is replacing its legacy technology. Artificial intelligence (AI), is likely to play an important role in this. As part ofNapier’s financial crime risk management platform, Napier Continuum, AI is combined with a range of “big data” technologies to minimise risk, the company said.
