UK-based TangoPay has partnered with ThetaRay to protect its global payments platform from financial crimes. Through its app-based service, TangoPay enables emigrants living in the UK to access financial services to transfer their money abroad to more than 70 countries.

Through the agreement, the company implements ThetaRay’s cloud-based SONAR solution to monitor and detect financial crime risk, including new money-laundering and terrorist financing schemes. The partnership’s objective Considering TangoPay’s current expansion plans, the company needed to adopt a highly automated solution to replace the rule-based monitoring solution that could prevail over evolving compliance demands and enable it to deliver trusted services. By acquiring ThetaRay’s technology, TangoPay has access to advanced analytics and machine learning capabilities that help address the complex issues of the remittance industry. According to the company’s officials, TangoPay’s increasing customer base and transaction volumes influenced their decision to integrate a solution that can detect potential risks and threats without compromising the quality of service.

The collaboration highlights TangoPay’s commitment to improve its service, while also providing customers with a secure and trusted method to send and receive money. TangoPay’s main objective is to increase financial inclusion through accessible digital services that eliminate barriers for low-income earners and unbaked individuals. Working towards these goals, the company leverages ThetaRay’s artificial intelligence solutions to grow its revenue, ensure a high level of customer service, and enlarge its customer base with banks, fintechs, and regulators. Based on a proprietary form of AI, ThetaRay’s cloud-based transaction monitoring and screening system replaces human bias to oversee financial transactions.

Moreover, it enables fintechs and banks to implement a risk-based approach to identify suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. SONAR enables rapid discovery of both known and unknown money laundering threats. According to company data, this results in a 90% reduction in false positives compared to legacy rules-based solutions.

More information about ThetaRay Based in Israel, ThetaRay provides AI-powered transaction monitoring solutions, aiming to allow banks and fintechs to expand their business opportunities and grow revenues through cross-border payments. At the beginning of September 2023, ThetaRay raised USD 57 million in a funding round in order to provide new business opportunities to financial institutions. The company plans to use the raise to expedite international expansion and to improve its set of services. Moreover, in July 2023, ThetaRay partnered with Clicksendnow to minimise the latter’s exposure to financial crime.

As part of the alliance, Clicksendnow implemented ThetaRay’s SONAR platform to offer automated transaction monitoring and sanction screening to reduce vulnerability to money laundering and other financial crimes. During the same period, the company made its AI-based transaction monitoring solution SONAR available on Microsoft Azure Marketplace. The company’s users can leverage the productive and trusted Azure cloud platform, with simplified deployment and management.

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