AirPak taps ThetaRay to strengthen its AML programme

Tuesday 17 October 2023 09:00 CET | News

Remittance services provider across Central America AirPak has partnered with Israel-based AI-driven transaction monitoring solution ThetaRay.


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.

Remittance services provider across Central America AirPak has partnered with Israel-based AI-driven transaction monitoring solution ThetaRay.


What does the partnership entail?

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.

What does ThetaRay bring to the table?

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.

Moreover, at the start of September, the AI-driven transaction monitoring solution revealed that it raised USD 57 million in funding, which it announced that it will use in order to expedite its international expansion and improve its services. 

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, AML, money laundering, fraud management, fraud detection, artificial intelligence, machine learning
Categories: Fraud & Financial Crime
Companies: AirPak, ThetaRay
Countries: World
This article is part of category

Fraud & Financial Crime




Discover all the Company news on AirPak and other articles related to AirPak in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events