Novatti Group Turns to ThetaRay to Enhance AML Oversight of Global Payments
  • Novatti Group has partnered with transaction monitoring company ThetaRay.
  • Novatti will deploy ThetaRay’s SONAR technology to defend its global payments business from money laundering and other financial crime.
  • A Finovate alum since 2015, ThetaRay has secured partnerships with companies ranging from Travelex Bank to fellow Finovate alum Payoneer.

Business payments enabler Novatti Group has partnered with AI-powered transaction monitoring specialist ThetaRay to defend its global payments operations against money laundering and other financial crimes. Novatti Group will deploy ThetaRay’s SaaS-based SONAR technology, a solution that leverages AI to detect the earliest indications of money laundering activity. SONAR will monitor hundreds of thousands of transactions a year for Novatti Group, enabling the company to ensure that its processed transactions are fraud-free without sacrificing quality of service.

Group GM of Risk, Legal, and Compliance at Novatti Group Evangelia Pefkou said the company selected ThetaRay for both its efficient technology as well as its ability to scale. “It is a true AI-based solution that effectively prevents financial crime – including unknown and hidden money laundering – with high detection rates and low false positives,” Pefkou said.

Headquartered in Israel, ThetaRay made its Finovate debut at FinovateFall in 2015. In the years since then, the company has brought its transaction monitoring technology to partners including Travelex Bank, PMI Americas, Qolo, as well as fellow Finovate alum Payoneer. ThetaRay’s combination of AI and machine learning has resulted in a transaction monitoring solution that delivers a 50% boost in efficiency, 99% reduction in false positives, and 100% coverage for all known money laundering risks. The company’s technology has enabled businesses to confidently partner with entities in countries and segments that are considered high-risk.

“SONAR detects even the newest and most sophisticated criminal schemes,” ThetaRay CEO Mark Gazit said. “Novatti will be able to simultaneously establish new relationships to grow global business, increase revenues, and improve customer service.”

Founded in 2013, ThetaRay has raised more than $112 million in funding from investors such as Jerusalem Venture Partners, Benhamou Global Ventures, and ABN AMRO Ventures.

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