European paytech Lyra taps Napier for transaction monitoring
Lyra Group, a European payment solutions provider, has tapped Napier, a financial crime compliance specialist, to equip it with improved transaction monitoring capabilities.
France-based Lyra claims to process more than 20 billion transactions annually. Through Lyra Collect, it offers point-of-sale (POS), mobile and e-commerce services throughout Europe, allowing customers to pay using a range of different payment methods.
With the new partnership, Lyra will utilise Napier’s transaction monitoring solution to ensure its compliance with regulatory requirements. Implemented in two phases, Lyra will first use Napier’s existing transaction monitoring rules before deploying additional rules specific to the company.
Lyra says it chose Napier as it wanted to replace its legacy technology “to meet the highest level of compliance standards, all while scaling up transaction volumes with speed and accuracy”.
“Compliance is an essential part of our business. We promise to ensure that all transactions through our platform are legitimate,” says Lyra Collect vice director Rebecca Masse.