Novatti Group Adopts ThetaRay AI Technology to Monitor Global Payments
14 September 2022 - 2:00PM
Business Wire
Australian fintech deploys SaaS AML solution to
boost global expansion opportunities and customer service
ThetaRay, a leading provider of AI-powered transaction
monitoring technology, today announced that Novatti Group
(ASX:NOV), a leading fintech that enables businesses to pay and be
paid, has chosen SONAR, ThetaRay’s SaaS AML transaction monitoring
solution, to protect its growing global payments services against
money laundering and other financial crimes.
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Headquartered in Australia, Novatti Group enables businesses and
individuals to make payments both domestically and internationally.
Novatti currently serves 59 countries with products including
cross-border transfers, digital wallets and vouchers, and overseas
bill payments.
Novatti is ThetaRay’s first SaaS customer in the Asia-Pacific
region.
SONAR, ThetaRay's advanced AI-powered transaction monitoring
solution based on “artificial intelligence intuition,” will monitor
hundreds of thousands of transactions per year for Novatti. The
solution’s ability to detect the earliest signs of sophisticated
money laundering activity will enable Novatti to verify that
processed transactions are isolated from illegal activity without
affecting the quality of service. This ability to provide a
trustworthy, secure service will empower Novatti to increase its
international growth opportunities.
“As we expand our relationships and add new payment services, we
need an AML transaction monitoring solution that is efficient and
can keep up with the increasing transaction volumes of our growing
business,” said Evangelia Pefkou, Group GM of Risk, Legal and
Compliance at Novatti Group. “We chose ThetaRay’s SONAR because it
is a true AI-based solution that effectively prevents financial
crime – including unknown and hidden money laundering – with high
detection rates and low false positives. This will enable us to
file high-quality reports proactively and efficiently to
regulators.”
“We are excited about the opportunity to help Novatti Group
deliver fast, secure payments and build trust through its global
network,” said Mark Gazit, CEO of ThetaRay. “SONAR detects even the
newest and most sophisticated criminal schemes, so Novatti will be
able to simultaneously establish new relationships to grow global
business, increase revenues and improve customer service.”
Cross-border transactions often involve a complicated sequence
of financial institutions operating across multiple currencies in
different countries, creating a challenge for fintechs and banks to
have full transparency into final beneficiaries. By providing full
visibility across complex, cross-border transaction paths, SONAR
helps protect users against the risk of being exploited for money
laundering, terrorist financing, human trafficking, and
narco-trafficking while empowering partners to increase their
volume of transfers.
“Partnering with Novatti will help grow their business while
securing services from money laundering and other financial
crimes,” said Dan Wollis, Vice President Strategic Accounts,
ThetaRay. “There is a great synergy between the companies, driving
innovation in the global payments network. We look forward to
collaborating and building a strong relationship.”
SONAR is the industry's most advanced financial crime prevention
solution for cross-border payments. It enables the rapid discovery
of both known and unknown money laundering threats, with a peerless
95% detection rate and up to 99% reduction in false positives
compared to rules-based solutions.
To learn more about Novatti Group visit www.novatti.com.
About ThetaRay:
ThetaRay's AI-powered SONAR transaction monitoring solution,
based on “artificial intelligence intuition,” allows banks and
fintechs to expand their business opportunities and grow revenues
through trusted and reliable cross-border payments. The
groundbreaking solution also improves customer satisfaction,
reduces compliance costs, and increases risk coverage. Financial
organizations that rely on highly heterogeneous and complex
ecosystems benefit greatly from ThetaRay's unmatchable low false
positive and high detection rates.
To learn more about ThetaRay, visit: www.thetaray.com
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Nina Gilbert Nina.gilbert@thetaray.com
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