PMI Americas selects ThetaRay cross-border payments transaction monitoring

Tuesday 10 May 2022 10:37 CET | News

Global payment services provider PMI Américas has chosen ThetaRay’s AI-based SONAR SaaS solution to monitor global cross-border payments on its platform. 

SONAR’s ability to detect the earliest signs of money laundering activity will enable PMI to increase its growth opportunities by providing users with a trustworthy, secure service. The agreement highlights ThetaRay’s expansion into the Latin America fintech payments market. 

PMI Americas enables cross-border payments for Latin America, including transactions from the US, Europe, and Asia into Latin America. By using ThetaRay’s solution, the company will be able to verify that processed transactions are isolated from illegal activity without affecting the quality of service their clients depend on. 

Cross-border transactions often involve a complicated sequence of financial institutions operating across multiple currencies in different countries, creating a challenge for fintechs and banks to have full transparency into final beneficiaries. By providing full visibility across complex, cross-border transaction paths, ThetaRay helps protect users against the risk of being exploited for money laundering, terrorist financing, human trafficking, and narco-trafficking while enabling partners to increase their volume of transfers. 

SONAR is an advanced form of AI called Artificial Intelligence Intuition that can mimic human feelings, perceptions, inferences, hypotheses, and reasoning to make better decisions. This enables the discovery of both known and unknown money laundering threats, with a 95% detection rate and 90% reduction in false positives compared to rules-based solutions, as stated by the official press release.

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Keywords: partnership, financial institutions, cross-border payments, transaction monitoring, AML, artificial intelligence
Categories: Fraud & Financial Crime
Companies: PMI Americas, ThetaRay
Countries: Latin America
This article is part of category

Fraud & Financial Crime

PMI Americas



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