Ontop was founded in 2020 to solve the complications with cross-border payments for workers who went remote during the COVID-19 pandemic, as well as open new opportunities for companies to tap into global talent. The platform is already being used in 67 countries and is currently processing payments all over the world.
The artificial intelligence (AI) solution from ThetaRay will cover known and unknown crime typologies. The machine learning will also deliver operational efficiency and help customer satisfaction by reducing false positives and more accurately identifying truly suspicious cases.
ThetaRay’s SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias, giving the system the power to recognise anomalies and find unknowns outside of normal behaviour, including completely new typologies. It enables fintechs and banks to implement a risk-based approach to identify truly suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. This allows the discovery of both known and unknown money laundering threats, and up to 99% reduction in false positives compared to rules-based solutions.
Since launching SONAR in the Microsoft Azure Marketplace in March 2022, ThetaRay started a series of partnerships with different companies that wanted to benefit of the AML solution.
In July 2022, Travelex Bank, a Brazil-based foreign exchange specialist, was announcing it will implement ThetaRay’s SONAR AML Software-as-a-Service (SaaS) solution for transaction monitoring. SONAR now allows Travelex Bank to detect attempts to launder money or circumvent financial sanctions through its system.
In October 2022, MFS Africa was choosing ThetaRay to protect its network against financial crimes as it expands globally. ThetaRay now provides MFS Africa its SONAR SaaS solution, including AI-supported AML transaction monitoring and sanctions list screening.
Most recently, in November 2022, ClearBank and ThetaRay were announcing a collaboration in cloud-native AML monitoring. Through the agreement, ClearBank will transform its AML monitoring operations to a fully cloud-native program with ThetaRay’s SaaS SONAR AML solution.
There are many factors to consider when it comes to AML compliance and making sure the onboarding process is up to date. The first step is to understand the company's specific requirements to meet the guidelines of government regulations. This could include increasing due diligence on high-risk customers or implementing know your customer (KYC) policies.
Onboarding training is an important part of ensuring compliance. Companies can protect their customers from potential fraud by implementing an effective onboarding process.Money laundering is a serious problem that can have devastating consequences for individuals and businesses. An effective AML compliance program that implements KYC policies can help reduce financial crime risks and protect an institution's reputation.
AML solutions help organisations automate customer risk management and regulatory compliance. By automating these processes, financial institutions can save time and resources while meeting their regulatory obligations.
AML measures make it more difficult to support criminal activity by requiring financial institutions to verify the identity of customers and report suspicious activity.
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