As part of this collaboration, Clicksendnow has implemented ThetaRay’s SONAR platform to provide automated transaction monitoring and sanction screening to decrease vulnerability to anti-money laundering (AML) and other financial crimes, while also supporting its company growth.
ThetaRay’s full-stack detection platform leverages a combination of rules-based, AI/ML risk-based and network visualisation to provide maximum insights into financial networks. The cloud-based SaaS system helps reduce false positive alerts by up to 90%, cuts analyst time in half and detects unknown cases in a quick and transparent manner.
When commenting on the partnership, Tyler Slement, CEO of Clicksendnow advised that the company’s goal is that of simplifying remittance payments across Africa, which is possible by leveraging AI towards AML-related needs. Per the spokesperson, ThetaRay’s analysis and presentation of transaction database norms and patterns are unique, and the company is looking forward to partnering with them to scale their business in a secure and efficient way.
A South Africa-based remittance platform, Clicksendnow is authorised by the South African Reserve Bank. The company enables its users to send money to more than 30 countries across the African continent in a smart, straightforward, and easy way.
ThetaRay’s AI-powered SONAR transaction monitoring solution, which is based on ‘artificial intelligence intuition’, enables banks and fintechs to further their business opportunities and increase revenues through trusted and reliable cross-border payments. The solution also helps improve customer satisfaction, reduce compliance costs, and increase risk coverage. Financial organisations relying on increasingly heterogenous and complex ecosystems are enabled to take advantage of ThetaRay’s low false positive and high detection rates.
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