Travelex Bank chooses ThetaRay for transaction monitoring solution

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.