NEWS
Nigeria based blockchain fintech , Zone integrates ThetaRay ’ s SONAR AI to monitor payments
Through the agreement , ThetaRay will provide Zone the SaaS-based SONAR AI solution that can detect and prevent the earliest signs of sophisticated attempts to launder money or circumvent financial sanctions and watchlists . The solution will help Zone ensure it fully complies with regulatory AML requirements and increase its growth opportunities by providing a trustworthy and secure service .
Elendu Uche
Zone , formerly Appzone , Africa ’ s first regulated layer-1 blockchain network for payments , and ThetaRay , a provider of AI-powered transaction monitoring technology , announced they will collaborate to implement ThetaRay ’ s cloud-based SONAR solution to monitor and screen Zone ’ s transactions in Nigeria for illicit activities and sanctions violations .
The decentralised architecture and the underlying technology enhance reliability , eliminate customer disputes , reduce the cost of operations , and automate back-office reconciliation . The network is a true web-scale infrastructure with a capacity for transaction processing throughput of over 50,000 transactions per second . It enables fintechs and banks to implement a risk-based approach to effectively identify suspicious activity and create a full picture of customer identities , including across complex , cross-border transaction paths . This allows the rapid discovery of both known and unknown money laundering threats .
“ We are thrilled with our partnership with ThetaRay , a collaboration that represents a significant step forward in our vision to become one global network to pay anyone , through any means , in any currency , in the most efficient and secure means possible ,” said Elendu Uche , Co-Founder and Chief Operating Officer , Zone .
7,000 Kenyan farmers received insurance pay outs from Lemonade Crypto Climate Coalition
The Lemonade Crypto Climate Coalition , the first-of-its-kind , blockchain based parametric crop protection for subsistence farmers , announced the completion of its initial launch . Led by the Lemonade Foundation , the Lemonade Crypto Climate Coalition provided protection for farmers ’ livelihoods impacted by weather events during the recent growing season in Kenya . then produces a smart contract hosted on the blockchain . Following the end of a growing season , area yield data is sent on-chain to the application ’ s smart contracts and , if weather conditions were bad and crops failed , triggers an instant pay out to farmers .
At the end of the season , those eligible were paid out instantly via smart blockchain contracts . The use of smart contracts enabled fast cash transfers without the need for filing claims , or for human adjusters , lowering costs , and avoiding the often months-long timeline associated with the process .
Alongside additional founding partners , Avalanche , Chainlink , DAOstack , Etherisc , Hannover Re , and Pula , the Lemonade Crypto Climate Coalition offered its non-profit , instantaneous crop protection programme to smallholder farmers in the region at the commencement of the planting season . As a result , nearly 7,000 farmers signed up to protect their crops during the most recent short rains season from October 2022 to January 2023 .
Farmers can sign up for the programme , make , and receive payments from their phone , much as they do for banking and payments , which
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