According to the official press release, the joint venture seeks to strengthen AirPak's anti-money laundering (AML) programme. News of this development comes as AirPak has reportedly been the representative for Western Union in the region for more than three decades.
Even more to this point, the company has recently extended its reach to Mexico via a non-exclusive representation. As a result, AirPak has become the Western Union Master Agent - offering its services to customers in multiple countries worldwide.
AirPak seeks to leverage ThetaRay's artificial intelligence (AI)-powered transaction monitoring solution, SONAR, to deploy AI in the fight against financial crime. This is expected to result in enhanced compliance management, improved customer service, and trusted transactions. According to the official statement, SONAR is addressed to financial organisations that rely on highly heterogeneous and complex ecosystems.
Officials from AirPak stated that the partnership with ThetaRay is part of a larger strategic effort to change how AirPak operates. In turn, this is anticipated to accelerate the company’s growth, decrease the occurrence of false positives, improve detection capabilities, and expedite the investigation processes.
In a similar bid to underline its financial oversight and risk mitigation commitments, AirPak has purportedly also implemented ThetaRay’s Customer Due Diligence (CDD) module, which is said to provide the remittance services company with a better understanding of various risks linked to customer onboarding and maintenance, guaranteeing adherence to regulations throughout each phase of the procedure and, thus, ensuring compliance with regulations at every step of the process.
ThetaRay extends an AI-driven transaction monitoring solution that deploys big data expertise and proprietary algorithm science in an effort to enable its customers to identify financial crimes, including money laundering, fraud, and terrorist financing. By leveraging machine learning and specific rules, the company strives to find anomalies with virtually no false positives.
Earlier in 2023, the company secured a series of partnerships with financial management solutions provider Gemba Finance and TangoPay, among others.
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