South Africa-based remittance platform Clicksendnow has partnered with AI-powered transaction monitoring tech provider ThetaRay to minimise exposure to financial crime. As part of this collaboration, Clicksendnow has implemented ThetaRay’s SONAR platform to provide automated transaction monitoring and sanction screening to decrease vulnerability to anti-money laundering (AML) and other financial crimes, while also supporting its company growth.

Clicksendnow – ThetaRay partnership details As per the information detailed in the announcement, the partnership is set to enable Clicksendnow, which provides money transfers to more than 30 countries in Africa in a smart, smooth, and simple manner, to scale efficiently and in compliance with regulatory requirements. Following the implementation of ThetaRay’s SONAR AML system, Clicksendnow is set to be able to detect the earliest signs of sophisticated money laundering activity, as well as mitigate risk. ThetaRay’s full-stack detection platform leverages a combination of rules-based, AI/ML risk-based and network visualisation to provide maximum insights into financial networks.

The cloud-based SaaS system helps reduce false positive alerts by up to 90%, cuts analyst time in half and detects unknown cases in a quick and transparent manner. When commenting on the partnership, Tyler Slement, CEO of Clicksendnow advised that the company’s goal is that of simplifying remittance payments across Africa, which is possible by leveraging AI towards AML-related needs. Per the spokesperson, ThetaRay’s analysis and presentation of transaction database norms and patterns are unique, and the company is looking forward to partnering with them to scale their business in a secure and efficient way.

Adding on this, Peter Reynolds, CEO of ThetaRay said that as the world continues to move toward the goal of 3% on remittance payments, building a financial network that is both efficient and safe. Per their statement, the company is looking forward to having Clicksendnow join a fast-growing cadre of Africa-based fintechs that have selected ThetaRay’s AI-powered system to provide improved customer experience and advanced AML compliance to its customers. ClickSendNow, ThetaRay mission and offering A South Africa-based remittance platform, Clicksendnow is authorised by the South African Reserve Bank.

The company enables its users to send money to more than 30 countries across the African continent in a smart, straightforward, and easy way. ThetaRay’s AI-powered SONAR transaction monitoring solution, which is based on ‘artificial intelligence intuition’, enables banks and fintechs to further their business opportunities and increase revenues through trusted and reliable cross-border payments. The solution also helps improve customer satisfaction, reduce compliance costs, and increase risk coverage.

Financial organisations relying on increasingly heterogenous and complex ecosystems are enabled to take advantage of ThetaRay’s low false positive and high detection rates. .