Australian FinTech Company Deploys Software-as-a-Service (SaaS) Anti-Money Laundering Solution to Expand Global Expansion Opportunities and Improve Customer Service
MELBOURNE, Australia & NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--ThetaRay, a leading provider of artificial intelligence transaction monitoring technology, announced today that Novatti Group (ASX:NOV), a leading fintech company providing payment and collection services to businesses, has selected Adopted SONAR, ThetaRay's SaaS anti-money laundering transaction monitoring solution, to protect its growing global payment services against money laundering and other financial crime risks.
Headquartered in Australia, Novatti Group provides domestic and international payment services to businesses and individuals. Novatti's services cover 59 countries around the world, and its products include cross-border money transfers, digital wallets and payment vouchers, and overseas bill payments.
Novatti is ThetaRay's first SaaS customer in the Asia-Pacific region.
SONAR is an advanced artificial intelligence-driven transaction monitoring solution built by ThetaRay based on "artificial intelligence intuition", which will monitor hundreds of thousands of transactions for Novatt every year. The solution's ability to detect early signs of sophisticated money laundering enables Novatti to ensure that processed transactions are free from illicit activity without compromising service quality. The ability to provide trusted security services will help Novatti expand its international growth opportunities.
Evangelia Pefkou, Group General Manager Risk, Legal & Compliance, Novatti Group, said: “As companies expand their business relationships and launch new payment services, we need an efficient AML transaction monitoring solution to handle the growing transaction volume. We chose ThetaRay's SONAR because it is a true AI-based solution with a high detection rate and low false positive rate, which can effectively prevent financial crimes, including unknown and covert money laundering. This solution will allow us Ability to proactively and efficiently submit high-quality reports to regulatory agencies.”
Mark Gazit, CEO of ThetaRay, said: "We welcome the opportunity to help Novatti Group deliver fast, secure payment services and build trust across its global network. SONAR's ability to detect the latest and most sophisticated criminal schemes allows Novatti to build new customer relationships to grow our global business while increasing revenue and improving customer service."
Cross-border transactions often involve a series of complex operations of financial institutions between multiple currencies in different countries, which brings challenges for fintech companies and banks to have complete information transparency to the final payee. SONAR makes complex cross-border transaction paths fully visible, helping to protect users from the risks of money laundering, terrorist financing, human trafficking and drug trafficking, while helping partners to increase transfer business volume.
Dan Wollis, Vice President of Strategic Clients at ThetaRay, said: "The partnership with Novatti will help its business grow while securing its services against the threat of money laundering and other financial crimes. There are strong synergies between the two companies that will drive Innovation in the global payment network. We look forward to working together and building a strong relationship between the two parties."
SONAR is the industry's premier advanced cross-border payment financial crime prevention solution. Ability to quickly discover known and unknown money laundering threats, with a detection rate of up to 95% and a false positive rate of up to 99% lower than rule-based solutions.
About ThetaRay:
ThetaRay's AI-driven SONAR transaction monitoring solution is based on "AI Intuition", enabling banks and fintech companies to expand business opportunities and increase revenue through trusted and reliable cross-border payment operations. This groundbreaking solution also improves customer satisfaction, reduces compliance costs, and improves risk coverage. The ThetaRay solution has an unparalleled low false positive rate and high detection rate, which will greatly benefit financial institutions that rely on highly heterogeneous and complex ecosystems.