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ThetaRay AI Tech to monitor remittance transactions into Africa for Zeepay

By Edlyn Cardoza

November 22, 2022

  • Africa
  • AML
  • Financial Crime
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ThetaRay, Transaction Monitoring Technology, Zeepay, Mobile Financial Services, AML, KYC, SONAR, Financial Crime, Remittance Transactions, FinTech, Risk Management, Financial Inclusion, AfricaThetaRay, one of the leading providers of AI-powered transaction monitoring technology, today announced that Zeepay, a fast-growing Ghanian mobile financial services company, has selected ThetaRay’s advanced SONAR SaaS anti-money laundering solution to detect financial crime for its remittance transactions. The agreement with Zeepay highlights ThetaRay’s expansion in the African payments market.

“AI technology with the ability to prevent financial crimes is essential to fintech companies like Zeepay, and is a growing necessity,” said Andrew Takyi-Appiah, managing director of Zeepay. “With its distinctive features and functionalities, ThetaRay’s SONAR is the right choice for our business.”

Remittances are essential to bring money into low-income countries and unbanked communities. However, they can also be used as a conduit for financial crime for illicit funds. As remittances make up most of Zeepay’s business, the company needed to replace its previous rules-based monitoring solution with an AI-based solution capable of detecting the very first signs of even the newest and most sophisticated financial crime schemes.

Kwame Baah-Gyimah, head of Compliance at Zeepay, added: “ThetaRay has a seamless user interface providing intuitive and dynamic features. Their AI feature helps improve actionable alerts by reducing false alerts related to remittance transactions.”

SONAR is based on an advanced form of AI that makes better decisions with no bias or thresholds. It enables FinTechs and banks to implement a risk-based approach to effectively identify suspicious activity and create a complete picture of customer identities across complex, cross-border transaction paths. This enables the rapid discovery of known and unknown money laundering threats, with up to 99% reduction in false positives compared to rules-based solutions.

“Zeepay is leading the African fintech market while truly making the world a better place by offering lower-cost services to underserved regions,” said Mark Gazit, CEO of ThetaRay. “The company should not have to worry about its technology being exploited while enabling foreign workers to send money home to their families. We are proud to provide an AI solution that can stop criminals in their tracks so Zeepay can continue to promote financial inclusion and grow its business.”

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