ThetaRay launches SONAR for safe cross-border payments

Tuesday 25 May 2021 09:38 CET | News

Israel-based ThetaRay, a provider of AI-based big data analytics, has launched SONAR, a financial crime prevention solution for cross-border payments.

By providing full visibility across complex, cross-border transaction paths, the SaaS solution helps banks, financial institutions, and businesses to increase their volume of transfers without the risk of being exploited for money laundering, terrorist financing, human trafficking, and narco-trafficking, as the press release says. This announcement follows on the heels of ThetaRay’s recent USD 31 million funding round.

SONAR is designed to instil certainty and eliminate risks in cross-border payments, and to protect banks, fintech companies and private companies that conduct payment transfers. Using machine learning algorithms, SONAR protects users against attempts to abuse their money transfer platforms for sophisticated money laundering schemes.

The solution can be integrated and deployed within days, with minimal implementation required. SONAR adds to ThetaRay’s AML solution for correspondent banking, which has been used by global financial institutions to bolster their defences.

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Keywords: product launch, cross-border payments, SaaS, fraud management
Categories: Fraud & Financial Crime
Countries: Israel
This article is part of category

Fraud & Financial Crime

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