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Travelex Bank Selects ThetaRay for Transaction Monitoring and Sanctions Screening

Travelex Bank Selects ThetaRay for Transaction Monitoring and Sanctions Screening | Fintech Finance

ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced that Travelex Bank, Brazil’s largest foreign exchange specialist, will implement ThetaRay’s SONAR anti-money laundering (AML) SaaS solution for both domestic and international transaction monitoring, as well as real-time sanctions screening for its international payments.

Travelex Bank is one of the world’s leading specialist providers of foreign exchange, offering a range of international money transfer products including import/export, remittances and mass payments. SONAR will empower Travelex Bank to detect attempts to launder money or circumvent financial sanctions through its system, bringing trust and confidence to all parties in the global payments ecosystem. Additionally, SONAR will allow the company to roll out new products and services efficiently and in compliance with Brazil’s increasingly stringent regulations.

“Our responsibility is to simplify our customers’ access to international money. ThetaRay’s SONAR will enable us to expand our product services portfolio and improve customer service while improving our overall AML operations,” said Célia Pizzi, Chief Compliance Officer, of Travelex Bank. “ThetaRay is the only provider we’ve found that meets our high business standards by providing both AI-based transaction monitoring and sanctions screening within one platform. SONAR will provide higher efficiency and secure risk coverage, enabling new businesses and lines of revenue.”

“Travelex Bank represents a new generation of global institutions that is readying its money transfer and payment infrastructure for changing conditions. Travelex is a provider that looks to the future and prioritizes trust, confidence, and quality,” said Mark Gazit, CEO of ThetaRay. “We are very proud and excited to build this partnership with Travelex that will help fuel growth of the global economy.”

SONAR is based on an advanced form of AI called “artificial intelligence intuition” to make better decisions with no bias or thresholds, offering fintechs and banks a risk-based approach to effectively identify truly suspicious cases and create a full picture of customer identities including across complex, cross-border transaction paths. This enables the rapid discovery of both known and unknown money laundering threats, with a peerless 95% detection rate and 99% reduction in false positives compared to rules-based solutions.

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