Zeepay Taps ThetaRay for SONAR AML Solution

Ghana-based Zeepay has partnered Israel-based ThetaRay to implement the SONAR SaaS anti-money laundering solution for its remittance transactions.

The SONAR system relies on an advanced form of AI called 'artificial intelligence intuition' to help make decisions with no bias or thresholds. The product offers fintechs and banks a risk-based approach to identify suspicious cases and create a full picture of customer identities including across complex, cross-border transaction paths. According to ThetaRay, this can allow for the discovery of both known and unknown money laundering threats, with a peerless 95% detection rate and a 99% reduction in false positives compared to rules-based solutions.

Ghanian mobile financial services company Zeepay will implement SONAR in order to detect financial crime for its remittance transactions. The company previously relied on a rules-based monitoring solution but decided to replace it with an AI-based system that can detect the newest and most sophisticated financial crime schemes.

Zeepay officials have stated in the company press release that ThetaRay's solution offers a seamless user interface with intuitive and dynamic features. Regarding the AI feature, they mentioned that it can help improve actionable alerts by reducing false alerts related to remittance transactions.  

(Source: The Paypers)