Terra and LexisNexis Risk Solutions team-up for fraud protection

In the wake of intensifying regulatory requirements and strict compliance controls, combating money laundering and fraud represent a major challenge for international money transfers. Globally, service providers continue to grapple with mounting complexity and costs of compliance which, in turn, raises barriers to entry for new players and impacts growth of existing players. According to industry estimates risk management and other costs tied to AML compliance have risen more than 50% year-on-year.

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.

LexisNexis Risk Solutions and Terra are focusing collective efforts on combating fraud and providing participants on the Terra network with a secure business environment.

Terra, a mobile-first international payment network, has been founded with the vision to send money to any mobile.Terra interconnects financial services providers -- mobile wallet service providers, money transfer operators, banks and payment platforms – to create a “one network” for secure and seamless transnational movement of funds. The network facilitates a broad transaction set including interpersonal transfers, e-payments and government disbursements.

LexisNexis Risk Solutions is a provider of information that helps customers across industries and government predict, assess and manage risk. LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy.