Travelex Bank chooses ThetaRay for transaction monitoring solution

Wednesday 6 July 2022 11:15 CET | News

Travelex Bank, a Brazilian foreign exchange specialist, has announced it will implement ThetaRay’s SONAR anti-money laundering (AML) SaaS solution for transaction monitoring.

The collaboration will also imply real-time sanctions screening for its international payments. SONAR will allow Travelex Bank to detect attempts to launder money or circumvent financial sanctions through its system. Additionally, SONAR will allow the company to roll out new products and services in compliance with Brazil’s regulations.

SONAR is based on an advanced form of AI called ‘artificial intelligence intuition’ to help make decisions with no bias or thresholds, offering fintechs and banks a risk-based approach to identify suspicious cases and create a full picture of customer identities including across complex, cross-border transaction paths.

This can allow for the discovery of both known and unknown money laundering threats, with a peerless 95% detection rate and 99% reduction in false positives compared to rules-based solutions.

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Keywords: AML, partnership, transaction monitoring, fraud management
Categories: Fraud & Financial Crime
Companies: ThetaRay, Travelex Bank
Countries: Brazil
This article is part of category

Fraud & Financial Crime



Travelex Bank

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