- Novatti Group has partnered with transaction monitoring firm ThetaRay.
- Novatti will deploy ThetaRay’s SONAR know-how to defend its world funds enterprise from cash laundering and different monetary crime.
- A Finovate alum since 2015, ThetaRay has secured partnerships with firms starting from Travelex Financial institution to fellow Finovate alum Payoneer.
Enterprise funds enabler Novatti Group has partnered with AI-powered transaction monitoring specialist ThetaRay to defend its world funds operations in opposition to cash laundering and different monetary crimes. Novatti Group will deploy ThetaRay’s SaaS-based SONAR know-how, an answer that leverages AI to detect the earliest indications of cash laundering exercise. SONAR will monitor lots of of 1000’s of transactions a yr for Novatti Group, enabling the corporate to make sure that its processed transactions are fraud-free with out sacrificing high quality of service.
Group GM of Threat, Authorized, and Compliance at Novatti Group Evangelia Pefkou stated the corporate chosen ThetaRay for each its environment friendly know-how in addition to its means to scale. “It’s a true AI-based answer that successfully prevents monetary crime – together with unknown and hidden cash laundering – with excessive detection charges and low false positives,” Pefkou stated.
Headquartered in Israel, ThetaRay made its Finovate debut at FinovateFall in 2015. Within the years since then, the corporate has introduced its transaction monitoring know-how to companions together with Travelex Financial institution, PMI Americas, Qolo, in addition to fellow Finovate alum Payoneer. ThetaRay’s mixture of AI and machine studying has resulted in a transaction monitoring answer that delivers a 50% enhance in effectivity, 99% discount in false positives, and 100% protection for all identified cash laundering dangers. The corporate’s know-how has enabled companies to confidently associate with entities in nations and segments which are thought of high-risk.
“SONAR detects even the most recent and most refined legal schemes,” ThetaRay CEO Mark Gazit stated. “Novatti will be capable to concurrently set up new relationships to develop world enterprise, improve revenues, and enhance customer support.”
Based in 2013, ThetaRay has raised greater than $112 million in funding from traders similar to Jerusalem Enterprise Companions, Benhamou International Ventures, and ABN AMRO Ventures.
Photograph by ThisIsEngineering