Deal marks growth of ThetaRay AI SaaS answer into GCC fintech group
DUBAI, United Arab Emirates & NEW YORK & TEL AVIV, Israel, December 14, 2022–(BUSINESS WIRE)–NOW Cash, the GCC’s first cellular banking answer targeted on monetary inclusion, and ThetaRay, a number one supplier of AI-powered transaction monitoring expertise, at this time introduced a collaboration to implement ThetaRay’s cloud-based AML answer to watch cross-border funds and help within the prevention of economic crimes and cash laundering on the fintech’s funds platform.
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NOW Cash inclusive banking app (Picture: Enterprise Wire)
NOW Cash chosen ThetaRay’s superior SONAR anti-money laundering answer with mixed transaction monitoring and sanctions record screening to remain a step forward of economic crime by uncovering each identified and unknown money-laundering crimes, in addition to stopping makes an attempt to violate sanctions in actual time.
The brand new partnership is important because the variety of overbroad cash transfers continues to develop, with the worth of remittances from the UAE being Dh 2.88 trillion* (780 billion USD) in Q1 2022.
The settlement highlights ThetaRay’s growth in GCC monetary establishments, amid continued realization of the Abraham Accords that had been signed in September 2020 to normalize relations between Israel and the UAE, Bahrain, Sudan, and Morocco.
Based in 2016, NOW Cash gives cellular banking providers for employees of all earnings ranges, who might have beforehand discovered themselves ignored and underserved. Monetary inclusion is on the coronary heart of NOW Cash in its purpose to offer equal entry to monetary providers.
NOW Cash offers all prospects entry to its cellular banking app, offering low-cost monetary providers together with native and worldwide cellular top-up, use of contactless Visa card for on-line and card transactions and cross-border cash transfers on the lowest change charges to have the ability to ship cash to their households again house.
“There’s a large alternative within the Gulf to offer cellular banking providers and monetary training to thousands and thousands of people who find themselves unbanked or underserved. Our mission is to create a world the place everybody has immediate and equal entry to monetary providers they will, and need, to make use of,” mentioned Noel Connolly, CEO of NOW Cash. “ThetaRay’s AI expertise utilizing superior machine studying will allow NOW Cash to course of limitless volumes of transactions, broaden enterprise into high-risk areas, and achieve belief of economic companions and regulators worldwide.”
Worldwide cash transfers are an necessary technique of bringing cash into low-income nations and unbanked communities. Nevertheless, these nations can symbolize a excessive proportion of high-risk jurisdictions and remittances might be thought of as a possible conduit for monetary crime for illicit funds.
“We’re honored to companion with GCC fintech chief NOW Cash to create belief within the fast-changing digital monetary world and make the world a greater place by eliminating monetary injustice towards migrant employees,” mentioned Mark Gazit, CEO of ThetaRay. “A Gulf fintech selecting AI expertise from ThetaRay marks one other milestone within the Abraham Accords. We sit up for accelerating collaboration with further monetary establishments within the area.”
ThetaRay’s award-winning SONAR answer relies on a proprietary type of AI, synthetic intelligence instinct, that replaces human bias, giving the system the facility to acknowledge anomalies and discover unknowns outdoors of regular habits, together with fully new typologies. It allows fintechs and banks to implement a risk-based method to successfully establish really suspicious exercise and create a full image of buyer identities, together with throughout advanced, cross-border transaction paths. This enables the fast discovery of each identified and unknown cash laundering threats, and as much as 99 % discount in false positives in comparison with rules-based options.
Supply: (https://gulfnews.com/enterprise/remittances-climb-to-dh288-trillion-in-first-quarter-uae-central-bank-1.89482455)
About NOW Cash
NOW Cash works with GCC firms as a payroll service. Each firm receives the easy-to-use NOW Cash payroll portal, and each worker receives a NOW Cash account, and the NOW Cash app, which provides them the power to remit cash abroad safely and shortly at low value.
NOW Cash has gained over 20 awards internationally for monetary inclusion and is backed by the world’s best-known fintech enterprise capital funds, banks and regulators.
To search out out extra about NOW Cash, go to https://nowmoney.me/or comply with on Twitter and LinkedIn.
About ThetaRay
ThetaRay’s AI-powered SONAR transaction monitoring answer, primarily based on “synthetic intelligence instinct,” permits banks and fintechs to broaden their enterprise alternatives and develop revenues by means of trusted and dependable cross-border funds. The groundbreaking answer additionally improves buyer satisfaction, reduces compliance prices, and will increase threat protection. Monetary organizations that depend on extremely heterogeneous and sophisticated ecosystems profit enormously from ThetaRay’s unmatchable low false optimistic and excessive detection charges.
For extra data, go to www.thetaray.com.
View supply model on businesswire.com: https://www.businesswire.com/information/house/20221213005555/en/
Contacts
Liz at PR@nowmoney.me
Nina Gilbert, ThetaRay
Nina.gilbert@thetaray.com
