Lyra deploys Napier’s AML compliance solution on its payments systems
“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.”
Napier, the anti-financial crime compliance technology specialist, has been selected by French-based payments solutions provider Lyra Group for anti-money laundering compliance.
Its financial crime risk management platform, Napier Continuum, minimizes risk by combining a full suite of big data technologies with AI in order to deliver a financial crime compliance technology capable of properly monitoring money laundering.
Lyra replaces legacy tech with Napier’s AML solution
Lyra Group is a European and unified payment solutions provider with a turnover of €79 million and over twenty billion transactions processed worldwide annually.
Accredited by French regulatory body ACPR in 2017, the payments solutions firm’s offering includes Lyra Collect, providing POS services, mobile and e-commerce solutions throughout Europe, including international means of payments and different payments methods.
Lyra aims to replace its legacy tech with Napier’s advanced solution to meet the highest level of compliance standards, all while scaling up transaction volumes with speed and accuracy.
The new transaction monitoring solution from Napier will help Lyra improve its compliance framework and will be implemented in two phases, initially using Napier’s existing transaction monitoring rules, before the two organisations collaborate on creating additional rules based on specific typologies tailored to Lyra’s risk profile.
Rebecca Masse, Vice Director at Lyra Collect, commented: “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.”
Greg Watson, Chief Executive Officer at Napier, said: “Payment solutions is one of the fastest growing digital commerce services around the globe. To cater for billions of payments annually, payments providers need to be equipped with the best transaction monitoring and risk management framework. We are confident that, with our intelligent framework, Lyra can offer the most secure and regulated payment options to its customers worldwide.”