TangoPay, a UK-based Authorised Payment Institution, and ThetaRay, renowned for its next-generation AI-driven global payment security, have announced a strategic collaboration. Together, they aim to bolster the defences of TangoPay’s international payment platform against potential financial criminal activities.
The collaboration stems from the necessity to provide a dependable and sophisticated mechanism for TangoPay, ensuring secure, efficient, and trusted global transactions. By partnering with ThetaRay, TangoPay aims to equip its platform with cutting-edge artificial intelligence to detect, monitor, and prevent financial crimes.
TangoPay is dedicated to facilitating expatriates in the UK in swiftly and affordably remitting their earnings abroad via its app-based service, catering to over 70 countries. On the other hand, ThetaRay offers an AI-powered SONAR solution, designed meticulously to monitor and pinpoint financial crime risks, including emerging and intricate money-laundering and terrorist financing strategies.
Given the increasing reliance on remittances as a principal method of injecting money into low-income nations, the potential for financial crime utilising these channels remains a concern. TangoPay, witnessing expansion and handling a burgeoning volume of transactions, felt the need to transition from its conventional rules-based monitoring system to an automated solution. ThetaRay’s SONAR solution meets this demand, empowering TangoPay to monitor financial crime risks effectively.
Approximately 3.96m non-UK residents are employed in the UK, with an annual growth rate of 7%. An estimated sum of over $10bn is sent as remittances from the UK yearly, predominantly to key regions like India, Nigeria, Ghana, Pakistan, China, and the Philippines.
TangoPay CEO Basir Sangerwal said, “TangoPay’s acquisition of ThetaRay’s technology will provide it with unique advanced analytics and machine learning capabilities that help address the complex challenges of the remittance industry.”
Furthermore, Peter Reynolds, CEO of ThetaRay, expressed, “TangoPay’s mission is to broaden financial inclusion through innovative and accessible digital services that remove barriers for low-income earners and the unbanked.”
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