NOW Money and ThetaRay has announced a collaboration to implement ThetaRay’s cloud-based AML solution to monitor cross-border payments and support in the prevention of financial crimes and money laundering on the fintech’s payments platform.
NOW Money selected ThetaRay’s advanced SONAR anti-money laundering solution with combined transaction monitoring and sanctions list screening to stay a step ahead of financial crime by uncovering both known and unknown money-laundering crimes, as well as preventing attempts to violate sanctions in real time.
The new partnership is essential as the number of overbroad money transfers continues to grow, with the value of remittances from the UAE being Dh 2.88 trillion (780 billion USD) in Q1 2022.
“There is a huge opportunity in the Gulf to provide mobile banking services and financial education to millions of people who are unbanked or underserved. Our mission is to create a world where everyone has instant and equal access to financial services they can, and want, to use,” said Noel Connolly, CEO of NOW Money. “ThetaRay’s AI technology using advanced machine learning will enable NOW Money to process unlimited volumes of transactions, expand business into high-risk areas, and gain trust of financial partners and regulators worldwide.”
“We are honoured to partner with GCC fintech leader NOW Money to create trust in the fast-changing digital financial world and make the world a better place by eliminating financial injustice against migrant workers,” said Mark Gazit, CEO of ThetaRay. “A Gulf fintech choosing AI technology from ThetaRay marks another milestone in the Abraham Accords. We look forward to accelerating collaboration with additional financial institutions in the region.”
