The long-term agreement to deploy ThetaRay’s SONAR system highlights its expansion into the fintech payments market with its cloud-based SaaS solution. It is expected to go into production in early Q2 2022, when ThetaRay will begin monitoring digital payments and other services that the partner offers to its customers. SONAR is a financial crime prevention solution for cross-border payments.
Cross-border payments are transactions that connect local economies throughout the world to the global financial system. However, they may involve a sequence of banks operating across multiple currencies in different countries, creating a challenge for fintechs and banks to have full transparency into beneficiaries.
By providing full visibility across cross-border transaction paths, ThetaRay provides a platform that helps protect fintechs and banks against the risk of being exploited for money laundering, terrorist financing, human trafficking, and narco-trafficking while enabling partners to increase their volume of transfers.
The collaboration includes a flexible pricing model through which ThetaRay will receive a base fee to cover millions of transactions per year and will only increase fees if Payoneer passes that threshold and grows its business.
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