Novatti Group has partnered with transaction monitoring firm ThetaRay.Novatti will deploy ThetaRay’s SONAR expertise to defend its international funds enterprise from cash laundering and different monetary crime.A Finovate alum since 2015, ThetaRay has secured partnerships with firms starting from Travelex Financial institution to fellow Finovate alum Payoneer.
Enterprise funds enabler Novatti Group has partnered with AI-powered transaction monitoring specialist ThetaRay to defend its international funds operations towards cash laundering and different monetary crimes. Novatti Group will deploy ThetaRay’s SaaS-based SONAR expertise, an answer that leverages AI to detect the earliest indications of cash laundering exercise. SONAR will monitor lots of of hundreds of transactions a 12 months for Novatti Group, enabling the corporate to make sure that its processed transactions are fraud-free with out sacrificing high quality of service.
Group GM of Danger, Authorized, and Compliance at Novatti Group Evangelia Pefkou stated the corporate chosen ThetaRay for each its environment friendly expertise in addition to its means to scale. “It’s a true AI-based answer that successfully prevents monetary crime – together with unknown and hidden cash laundering – with excessive detection charges and low false positives,” Pefkou stated.
Headquartered in Israel, ThetaRay made its Finovate debut at FinovateFall in 2015. Within the years since then, the corporate has introduced its transaction monitoring expertise to companions together with Travelex Financial institution, PMI Americas, Qolo, in addition to fellow Finovate alum Payoneer. ThetaRay’s mixture of AI and machine studying has resulted in a transaction monitoring answer that delivers a 50% increase in effectivity, 99% discount in false positives, and 100% protection for all identified cash laundering dangers. The corporate’s expertise has enabled companies to confidently companion with entities in international locations and segments which can be thought-about high-risk.
“SONAR detects even the most recent and most subtle legal schemes,” ThetaRay CEO Mark Gazit stated. “Novatti will have the ability to concurrently set up new relationships to develop international enterprise, improve revenues, and enhance customer support.”
Based in 2013, ThetaRay has raised greater than $112 million in funding from traders comparable to Jerusalem Enterprise Companions, Benhamou International Ventures, and ABN AMRO Ventures.
Picture by ThisIsEngineering
