Napier has announced a new partnership with Lyra Group, the €79 million turnover European and unified payment solutions provider, processing over twenty billion transactions annually. The partnership will see Napier provide Lyra with transaction monitoring and hosting, and the capability to further scale its business globally.
What does the partnership mean for Lyra?
Based in France, Lyra was accredited by ACPR in 2017. Through its offer Lyra Collect, it provides POS services, mobile and e-commerce solutions across Europe, including international payment means and different payments methods (recurring, one click, etc.).
The new transaction monitoring solution from Napier AI will help Lyra further improve its compliance framework. The framework 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.
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,” Rebecca Masse further commented.
Why is Napier the right solutions provider?
With its sights set on global expansion, 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. Napier CEO Greg Watson 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 framework, Lyra can offer the most secure and regulated payment options.”
Napier is an anti-financial crime compliance tech specialist that enables institutions to fight financial crime more efficiently. Its financial crime risk management platform, Napier Continuum, minimises risk by combining a full suite of big data technologies with AI.