Sonar

What it does

"Sonar is an innovative fintech company that operates as an independent, member-run data consortium focused on sharing real-time insights into First-Party and Counterparty Risk. As a designated utility under 314(b), Sonar fosters collaboration among financial institutions and fintechs to combat financial crime by verifying the credentials of all parties involved in financial transactions. Members actively contribute to developing new services to address emerging fraud and scam trends, sharing insights in compliance with regulatory standards to prevent money laundering. With a commitment to establishing trust and security in financial transactions, Sonar's comprehensive set of operating rules ensures the protection of shared data and governs the utility's operations, making it a key player in promoting transparency and integrity in the fintech industry."