Noda ThetaRay Open Banking
Cybersecurity Europe Open Finance Trending

ThetaRay AML Solution to Monitor Noda Open Banking Services

Noda to implement ThetaRay solution for open banking transaction monitoring across the Single Euro Payments Area (SEPA).

The open banking fintech Noda has confirmed that it is to deploy the artificial intelligence (AI)-powered transaction monitoring technology of ThetaRay across its platform as a means to enhance its payment monitoring and compliance capabilities.

Headquartered in the UK, Noda is a platform for European online merchants to receive direct bank payments from their digital customers through the use of Noda’s open banking payment solution.

Its latest agreement with ThetaRay will see the platform adopt its partner’s AI-powered software-as-a-service (SaaS) solution; SONAR.

Noda ThetaRay Open Banking
Lasma Gavarane, chief compliance officer/MLRO, Noda

The solution offers anti-money laundering (AML) precautions, compliance management and the ability to monitor transactions in the SEPA across multiple channels and jurisdictions.

“With ThetaRay’s transaction monitoring system, we are poised to take our business to the next level and provide even more value to our customers,” comments Lasma Gavarane, chief compliance officer/MLRO at Noda.

“Together, we will be able to detect and prevent financial crimes, comply with evolving regulatory requirements and therefore enhance the overall security and reliability of our payment services to customers.”

Not-so-simple SEPA

While Noda recognises the benefits of the SEPA in simplifying Euro-based bank transfers between member countries, the platform also acknowledges the arrangement’s flaws in regard to the transparency it affords financial institutions that are handling transactions across various customer profiles and behaviours; or lack thereof.

With this, the company came to terms with the necessity of appropriate AML controls, especially across a payment zone of multiple jurisdictions, leading to its current adoption of the SONAR solution.

ThetaRay CEO, Mark Gazit states that while Noda “transforms into a more competitive and more efficient network,” the adoption of SONAR’s AI technology to mitigate financial crime brings “the trust to a payments ecosystem that serves as a fintech growth engine.”

“We are looking forward to a successful partnership with Noda to develop and grow European fintech,” adds Gazit.

However, this arrangement with Noda is nothing new to ThetaRay. Indeed, its solution has proven popular among the world’s leading banks and fintechs which seek AML capabilities within their own services.

Last month alone saw the adoption of ThetaRay’s solution in two more instances of AML management, with its application within Tudi‘s financial management app in Mexico and its work with US insurtech Piie being two key examples.


  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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