Spanish Fintech Divilo Tuns to ThetaRay for AML Transaction Monitoring
  • Spanish fintech Divilo partnered with financial crime prevention specialist ThetaRay.
  • Divilo will deploy ThetaRay’s SONAR platform, a SaaS-based AML transaction monitoring and sanctions list screening solution.
  • ThetaRay made its Finovate debut in 2015 at FinovateFall in New York.

A partnership between Spain-based fintech Divilo and ThetaRay will enable the B2B financial services provider to better defend itself against money laundering, sanctions violations, and other financial crimes. Divilo will deploy ThetaRay’s SaaS-based AML transaction monitoring and sanctions list screening platform, SONAR. The technology is capable of detecting the earliest indications of sophisticated money laundering activity infiltrating the domestic and cross-border payments process.

“Our advanced AI solution also makes the entire process of transaction monitoring much more efficient and effective, while improving customer satisfaction, reducing compliance costs, and increasing risk coverage with safe and secure payments,” ThetaRay CEO Mark Gazit said.

SONAR leverages advanced AI, as well as proprietary and patented algorithms, to identify anomalies in data sets to detect potential cases of money laundering. SONAR delivers transaction monitoring with very low (“virtually no”) false positives, giving firms like Divilo the ability to provide trusted and reliable payment services to the SMEs and self-employed professionals it serves.

“Divilo is a fintech leader providing valuable and innovative payment solutions that are growing the global financial system,” Gazit said. “ThetaRay is thrilled to provide Divilo with technology that instills trust into cross-border payments, enabling revenue growth by opening doors to business with new customers and financial partners.”

Founded in 2020, Divilo offers a complete payments, collections, and accounting services for small businesses and freelancers. The company offers payments cards, facilitates money transfers and, offers technology to enable businesses and freelancers to manage payments through mobile devices courtesy of PINs or QR codes. In 2022, Divilo launched a new solution called Diveep that enables charging via mobile device simply by tapping a card or another mobile device.

“Divilo is on a mission to transform payments and collections by providing greater agility, a better user experience, high-security measures, transparency, and simplicity,” Divilo founder and CEO Juan Guruceta said. “Using ThetaRay’s AML solution, we will be able to grow our network of relationships and increase business internationally with the assurance that next-generation AI detection will provide enhanced coverage and highly accurate alerts to allow businesses to focus on what really matters.”

ThetaRay made its Finovate debut in 2015 at FinovateFall. In the years since then, the company has grown to support more than one billion users, and its platform monitors more than $15 trillion in transactions every year. ThetaRay closed out 2022 with a pair of partnership announcements, teaming up with mobile banking solution NOW Money and partnering with fintech platform Ontop, both in December.

Photo by Alex Azabache