Sonar

Sonar is an independent, member-run data consortium for sharing real-time insights into First-Party and Counterparty Risk. As a 314(b) designated utility, Sonar is committed to facilitating collaboration among financial institutions and fintechs to combat financial crime. Sonar’s approach is centered on establishing trust and security in financial transactions, irrespective of the payment rail, by verifying the credentials of all parties involved. Today, members are actively contributing towards new services to tackle emerging fraud and scam trends. Insights on these fraud and scam vectors are shared in compliance with the Gramm-Leach-Bliley Act (GLBA) and FinCEN 314(b) to prevent money laundering. A comprehensive set of operating rules, including the protection of shared data, has been ratified by members to govern the utility's operations. Sonar invites financial institutions, fintechs, and merchants to join its important fight against financial crime.