ThetaRay unveils financial crime prevention tool for cross-border payments

Compliance technology provider ThetaRay has launched SONAR, a financial crime prevention solution for cross-border payments.

According to ThetaRay, by providing full visibility across complex, cross-border transaction paths, SONAR allows banks, business and financial institutions to boost their volume of transfers without the risk of money laundering, human and narco-trafficking and terrorist financing exploitation.

ThetaRay added that through the use of machine learning algorithms, SONAR protects its users against attempts to abuse their money transfer platforms for sophisticated money laundering schemes.

SONAR can be integrated easily and deployed within a matter of days and requires minimal implementation. ThetaRay noted the solution always its users to rapidly increase revenues, improve customer service, substantially reduce total cost of ownership and boost return on investment.

The company continued by saying SONAR enhances ThetaRay’s existing solution for correspondent banking, a solution that has been used by large global financial institutions such as Santander to strengthen their defences.

ThetaRay claims SONAR expands on the previous solution by enabling data ingestion via all major formats, reveals suspicious transaction profiles and unlocks hidden insights from all major real time and automated clearing house schemes, bolsters its service-as-a-solution offering by introducing user-friendly APIs and provides a flexible global support model.

ThetaRay CEO Mark Gazit said, “For the first time in the history of cross-border transactions, risk and revenue are no longer a trade-off. SONAR is the new standard for trusted global transactions, providing an accurate assessment of risk and enabling safe, secure cross-border payments for financial services providers and their partners. Best of all, it can be up and running within days, providing immediate value.”

ThetaRay board chairman Erel Matgalit added, “What Swift did to the banking world 25 years ago, ThetaRay will do to the banking world in the next ten years. Business security and co-operation between countries will be possible when financial cybercriminals are left out of the secure system that ThetaRay has created together with the banks.”

ThetaRay recently netted $31m in funding. With the capital, the company plans to “complete the crime prevention revolution”, which it hopes to achieve by expanding the cross-border payment market and mitigating fraud. Funds will also be used to target audiences in any organisation that deals in cross-border payments.

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