ThetaRay , a leading provider of AI-powered transaction monitoring technology, today announced that it is a leading fintech company enabling businesses to send and receive money. Novatti Group (ASX: NOV) announced that it has selected SONAR, ThetaRay’s SaaS AML transaction monitoring solution, to protect its growing global payment services from money laundering and other financial crimes.
Headquartered in Australia, Novatti Group helps businesses and individuals make payments both nationally and internationally. Novatti currently operates in 59 countries and offers products such as cross-border money transfers, digital wallets and vouchers, and international bill payments.
Novatti becomes ThetaRay’s first SaaS customer in the Asia Pacific region.
SONAR is ThetaRay’s advanced AI-powered trade monitoring solution based on “Artificial Intelligence Intuition”, which monitors hundreds of thousands of Novatti trades annually. The solution can detect early signs of advanced money laundering activity, allowing Novatti to ensure that transactions processed are free from illicit activity, without impacting quality of service. . The ability to provide a reliable and secure service will give Novatti more opportunities for global growth.
Evangelia Pefkow, Group General Manager, Risk, Legal and Compliance, Novatti Group, said: “As we expand our trading relationships and add new payment services, we need an AML transaction monitoring solution that is efficient and able to handle the increased volume of our growing business. We chose SONAR from ThetaRay because, because this is a true AI-powered solution that effectively prevents financial crimes, including unknown and covert money laundering, with high detection rates and low false positive rates, allowing us to provide regulators with a high quality We can submit high-quality reports proactively and efficiently.”
ThetaRay CEO Mark Gazit said: “We are delighted to have the opportunity to help Novatti Group enable fast and secure payments and build trust through their global network. SONAR can detect even the latest and most sophisticated criminal schemes. This will enable Novatti to forge new relationships and grow its global business while increasing sales and improving customer service.”
Cross-border transactions often involve a complex web of financial institutions operating in multiple currencies in different countries, making it a challenge for fintech companies and banks to have complete transparency into the ultimate beneficiary. I’m here. By providing complete visibility into complex cross-border transaction pathways, SONAR protects users from the risks of money laundering, terrorist financing, human trafficking and drug trafficking while empowering partners to increase remittance volumes. We support.
Dan Wallis, Vice President of Strategic Accounts at ThetaRay said: “By partnering with Novatti, we will be able to support the growth of their business and protect their services from money laundering and other financial crimes. We look forward to working together to build a strong relationship.”