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Terra, LexisNexis Risk Solutions Team-up to Secure Mobile-powered International Remittances

Terra, LexisNexis Risk Solutions Team-up to Secure Mobile-powered International Remittances

Terra, a mobile-first international payment network, incubated by Mahindra Comviva, announced a strategic collaboration with LexisNexis Risk Solutions, a global big data, technology and analytics company, to protect its network against financial crime and facilitate secure growth of mobile-powered cross-border transactions.

LexisNexis Risk Solutions deploys state-of-the-art intelligence tools to provide an end-to-end customer screening service that detects and assesses the compliance and business risks of customers behind a transaction, as well as monitors counter-parties for risk profile changes.

LexisNexis Risk Solutions delivers actionable information on potentially risky transactions to enable informed authorization decisioning in real-time. For example, Terra can proactively block suspicious transactions based on the originator or the beneficiary’s risk score. 

Terra interconnects mobile wallet service providers, banks and remittance companies to build a global network to serve remittance-dependent households in regions with low banking penetration, primarily Asia, Africa and Latin America. 

The significant agreement helps LexisNexis Risk Solutions, a company with a rich history steeped in big data technology and entity screening, to expand its presence in mobile payments.

Ambar Sur, Founder & CEO, Terra
Terra with LexisNexis Risk Solutions strengthens risk governance by providing an enhanced layer of protection against potential misuse, and empowers all scheme participants to meet regulatory requirements whilst minimizing time, resource and operational costs.

Thomas C. Brown, Senior Vice President, LexisNexis Risk Solutions
When working with companies like Terra our goal is to collaborate to ensure that their risk management processes operate as efficiently as possible. One way we do that is by creating highly-effective screening procedures that lower operational costs through false-positive reduction.

Author

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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