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Ontop selects ThetaRay’s SONAR AML solution to detect financial crime threats

By Edlyn Cardoza

December 06, 2022

  • AML
  • Compliance
  • Cross Border Payments
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ThetaRay, Transaction Monitoring Technology, Ontop, Financial Crime, SONAR Anti-money Laundering Solution, AML, KYC, Cross Border Payments, Regulatory, Compliance, FinTech, Florida, USAThetaRay, one of the leading providers of AI-powered transaction monitoring technology, announced today that Ontop, a FinTech platform shaping the future of work, has selected ThetaRay’s advanced SONAR anti-money laundering (AML) solution to monitor and detect both known and unknown financial crime threats.

“Ontop is a global leader in the new digital economy that is creating financial opportunities for companies and people through remote work,” said Mark Gazit, CEO of ThetaRay. “We are proud to partner with an innovative fintech that is helping remove barriers in the financial world. ThetaRay AI tech will give Ontop the ability to process payroll transfers smoothly and quickly, meet any regulatory compliance requirements, and win the trust of business partners.”

Headquartered in Miami, Florida, Ontop was founded in 2020 to solve the complications with cross-border payments for workers who went remote during the COVID-19 pandemic, as well as open new opportunities for companies to tap into global talent. The platform is already being used in 67 countries and is currently processing payments all over the world.

“The biggest pain points in cross-border payments are high costs and a lack of speed and transparency. The next-gen AI solution from ThetaRay will give our business confidence by covering known and unknown crime typologies,” said Julian Torres, Chief Strategy Officer and Co-Founder of Ontop. “The machine learning will also deliver operational efficiency and help customer satisfaction by reducing false positives and more accurately identifying truly suspicious cases.”

ThetaRay’s SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias, giving the system the power to recognise anomalies and find unknowns outside of normal behavior, including entirely new typologies. It enables FinTechs and banks to implement a risk-based approach to effectively identify suspicious activity and create a complete picture of customer identities, including across complex, cross-border transaction paths. This allows the rapid discovery of known and unknown money laundering threats and up to a 99% reduction in false positives compared to rules-based solutions.

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