Knox Wire is a bank-to-bank communication system that enables 30,000 financial institutions to offer their clients near-instant cross-border payments to over 200 countries in 150 currencies with lower transactions costs.
Apollo Fintech stated that its mission is to reach industry capabilities and offer feature-rich products. Its new product was built to facilitate network size and settlement speed. The ThetaRay solution will allow Apollo to expand its network of partner financial institutions by relying on AML and screening solutions.
With the ThetaRay SONAR SaaS transaction monitoring and screening, Apollo Fintech will be able to grow business while ensuring they are not facilitating any financial crimes, such as money laundering and terrorist financing. SONAR is a financial crime prevention solution for cross-border payments.
The COVID-19 era has triggered an upsurge in the volume of cross-border payments, a market valued at some USD 35 trillion and expected to exceed USD 42.7 trillion in 2026. This market is a prime target for financial crimes such as money laundering, theft, and fraud, according to the press release.
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