Brazil’s Travelex Bank Partners with ThetaRay for Transaction Monitoring, Sanctions Screening
  • Tel Aviv, Israel-based ThetaRay announced a partnership with Brazil’s Travelex Bank.
  • Travelex Bank will deploy ThetaRay’s transaction monitoring and sanctions screening solution, SONAR, to enhance its ability to combat money laundering.
  • ThetaRay made its Finovate debut in 2015. The company has raised more than $112 million in funding.

Transaction monitoring technology provider ThetaRay will help Brazil’s biggest FX specialist, Travelex Bank, enhance its transaction monitoring and sanctions screening capabilities. Travelex Bank will deploy ThetaRay’s SaaS-based anti-money laundering solution, SONAR, to provide both domestic and international transaction monitoring, as well as real-time sanctions screening for international payments.

Travelex Bank Chief Compliance Officer Célia Pizzi highlighted ThetaRay’s ability to meet the institution’s transactions monitoring and sanctions screening needs with a single platform. “ThetaRay’s SONAR will enable us to expand our product services portfolio and improve customer service while improving our overall AML operations,” Pizzi said. “SONAR will provide higher efficiency and secure risk coverage, enabling new businesses and lines of revenue.”

SONAR leverages an advanced type of AI, “artificial intelligence intuition,” that gives banks and financial services institutions a risk-based approach to effectively identify suspicious transactions and individuals. Without bias or thresholds, SONAR provides a comprehensive profile of customer identities across cross-border transaction paths that leads to a quick and accurate identification of money laundering threats. According to ThetaRay, SONAR offers a 95% detection rate and a 99% reduction in false positives when compared to rules-based AML solutions.

“Travelex Bank represents a new generation of global institutions that is readying its money transfer and payment infrastructure for changing conditions,” ThetaRay CEO Mark Gazit said. “Travelex is a provider that looks to the future and prioritizes trust, confidence, and quality.”

Travelex Bank represents international exchange corporation Travelex in Brazil (along with the brokerage Travelex Confidence). The bank provides a wide variety of services including international remittances, imports and exports, crypto exchange transactions, registration services, and more. The firm’s adoption of SONAR, in addition to bolstering its AML capabilities, will also enable Travelex Bank to offer new, compliant products and services.

A Finovate alum since 2015, ThetaRay has spent much of this year forging partnerships with a number of fintechs and banks. In March, ThetaRay announced a partnership with Dubai-based Mashreq Bank and teamed up with fellow Finovate alum Payoneer. Also this spring, the Tel Aviv, Israel-based company reported that it had selected sanctions screening firm Screena as its screening solutions partner, and had partnered with omnichannel money movement platform Qolo to provide transactions monitoring.

With more than $112 million in funding, ThetaRay includes Benhamou Global Ventures, Jerusalem Venture Partners (JVP), and ABN AMRO Ventures among its investors.

Photo by Burst