Sylq partners ThetaRay AI to automate AML monitoring and customer screening

Tuesday 30 May 2023 14:54 CET | News

France-based payment platform Sylq has partnered with SaaS AML transaction monitoring and screening solution ThetaRay AI to improve its onboarding process.  

The partnership aims to aid Sylq in elevating its digital onboarding process for KYC (Know Your Customer) and KYB (Know Your Business). This is part of the all-in-one merchant payment platform’s strategy to simplify business for its French and European merchants.

The AI-powered solution that ThetaRay developed can help Sylq to screen merchants against watchlists, sanction lists, and third-party databases, as well as automatically monitor transactions.


France-based payment platform Sylq has partnered with SaaS AML transaction monitoring and screening solution ThetaRay AI to improve its onboarding process.


Current developments in fraud prevention in payments

Losses linked to online payment fraud have been on the rise in the last few years, especially given the increase in ecommerce. What is more, studies have shown that there is a higher chance of fraudulent activities during periods of inflation.

Fraud prevention is, thus, essential in the payments space as fraudulent behaviours can affect both merchants (as it can harm their public image and the loyalty of their customers) and the end consumer.

Therefore, investing in technology that can minimise the risks of attacks is key.Apart from the classic fraudulent schemes, fraudsters have found new ways of exploiting the system. One of the new difficulties that merchants face has to do with distinguishing between real shoppers and fraudulent ones, especially as fraudsters become better at mimicking real behaviours. 

To fend off such attacks, merchants have started leveraging technologies powered by AI and machine learning, as they can be used to assess customer risk in a more reliable way. What is more, these new solutions can not only provide the tools needed for risk management, but they can also ensure that the consumer is not alienated and its trust in the merchant is not in any way affected. 

In light of the new attacks by fraudsters, the authorities have also reacted by announcing the introduction of new regulations such as the 6th Anti-Money Laundering Directorate.

Previous partnerships secured by ThetaRay 

ThetaRay has been the subject of media coverage on multiple occasions. Earlier in 2023, the company secured similar partnerships with fintech company Noda, blockchain fintech Zone, Finance Incorporated Limited, and paytech VigiPay.

The solution it offers to banks is based on a concept called artificial intelligence intuition, focused on finding anomalies in data sets and identifying money laundering attempts. As a result, the banks and fintechs using it can identify fraudulent behaviours and, thus, reduce compliance costs. 

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Keywords: partnership, KYC, KYB, AML, artificial intelligence, fraud management
Categories: Fraud & Financial Crime
Companies: Sylq, ThetaRay
Countries: France
This article is part of category

Fraud & Financial Crime




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