Israel-based AI-enabled AML provider ThetaRay has announced that the Pan-Africa Payment and Settlement System (PAPSS) selected it as its AML and screening partner. As per the information detailed in the press release, PAPSS is set to leverage ThetaRay’s AML and screening solutions to improve the settlement of cross-border payments in Africa, currently estimated to be valued at approximately USD 200 billion.

PAPSS – ThetaRay collaboration objectives According to PAPSS’s officials, as the enterprise is scaling its operations to increase economic growth and prosperity across Africa, it must ensure financial crimes are effectively managed and malicious individuals are stopped before taking advantage of legitimate transaction routes. Considering ThetaRay’s AI-enabled AML solution capabilities, the service is suited for mitigating this difficulty due to its accuracy and efficiency to allow an increased level of trust in both transactions and the individuals conducting them. With its operations initiated in 2022, PAPSS is a cross-border, financial market infrastructure assisting payment transactions across Africa as part of the implementation of the African Continental Free Trade Agreement (AfCFTA).

The organisation was developed by the African Export-Import Bank (Afreximbank), one of the region’s trade finance institutions, intending to stimulate the expansion, diversification, and development of the African trade. Furthermore, representatives from ThetaRay underlined that providing efficient growth of cross-border payments represents the foundation of Africa’s economic development, however, it requires building a trusted AML regime to support it. The partnership with PAPSS focuses on supporting the latter in its commitment to creating a modern and secure financial network across Africa. The two entities aim to overall improve the region’s cross-border payments by making them faster, more cost-effective, more transparent, and more inclusive while maintaining an enhanced customer experience and reducing compliance costs. Within its cloud-based transaction monitoring, screening, and due diligence solutions, ThetaRay leverages proven unsupervised and semi-supervised AI to offer financial crime-fighting technology to fintechs and banks globally, including Santander, Travelex, Payoneer, and Onafriq, among others.

Through its technology, the company aims to enable financial institutions to expand their risk coverage, grow their business, increase revenues, improve customer satisfaction, and minimise compliance costs. More information about ThetaRay With its suite of AI-powered financial crime technology, ThetaRay focuses on allowing banks and fintechs to increase their business opportunities and grow revenues. The company’s solution is also set to enhance customer satisfaction, reduce compliance costs, and increase risk coverage.

Additionally, financial organisations that leverage various and complex ecosystems can benefit from ThetaRay’s decreased false positives and increased detection rates. .