Fintech Divilo has partnered AI-based transaction monitoring solution provider ThetaRay for money laundering, sanctions violations, and other financial crimes protection. As part of this agreement, ThetaRay will provide Divilo its SONAR solution, a SaaS-based anti-money laundering (AML) transaction monitoring and sanctions list screening platform for both cross-border and domestic payments.

Financial crime protection and how the partnership falls into place Based on a proprietary form of AI, artificial intelligence intuition which replaces human bias, ThetaRay’s SONAR solution can recognise anomalies and find unknowns outside of normal behaviour, including new typologies. The solution enables fintechs and banks to implement a risk-based approach for the effective identification of suspicious activity and the creation of a complete picture of customer identities, including across complex, cross-border transaction paths. As per press release information, this enables a rapid discovery of known and unknown money laundering threats and reduces false positives to up to 99% compared to rules-based solutions.

As Divilo provides 100% digital financial services to SMEs and the self-employed, ThetaRay’s SONAR system is believed to help with the detection of early signs of sophisticated money laundering activity, enabling Divilo to offer a ‘trusted and reliable’ payment service as it looks to expand internationally. Divilo representatives have stated that as consumers keep on adopting digital payments and reducing cash transactions, the company aims to change the payment and collection process by offering increased agility, an improved user experience, high-security measures, transparency, and simplicity. Having this goal at its basis, the fintech believes that by leveraging ThetaRay’s AML solution they will be enabled to scale their relationships’ network and expand internationally, as the AI detection service is thought to provide both enhanced coverage and accurate alerts, thus allowing them to focus on their business goals.

When talking about the collaboration, ThetaRay officials advised that the AI solution helps bring efficiency and effectiveness to the transaction monitoring process, while simultaneously improving the customer experience, reducing compliance costs, and increasing risk coverage through safe and secure payments. Divilo product offering and past developments A Spain-based fintech, Divilo provides financial products developed to facilitate collection for SME companies and the self-employed. Its offering includes traditional solutions of the likes of cards and transfers, but also payments’ management solutions via mobile phones, using PINs or QR codes.

In January 2022, through a partnership with Visa, the company launched Diveep, a solution that enables charging through a mobile phone by either tapping a card or another mobile phone. .