Aussie fintech adopts AML tool to monitor global payments

Australian financial technology and payments company, Novatti, has selected ThetaRay’s anti-money laundering (AML) technology and transaction monitoring solution, SONAR, to defend its growing payments capabilities against financial crime.

A global payments enabler and ThetaRay’s inaugural Asia-Pacific Software as a Service (SaaS) customer, Novatti operates in 59 countries and offers products covering cross-border transfers, digital wallets and vouchers, and overseas bill payments.

ThetaRay’s AML tool, SONAR, will use artificial intelligence (AI) technology to monitor and safeguard the hundreds of thousands of transactions Novatti enables per year. The solution detects even the earliest and slightest signs of sophisticated money laundering activity, allowing Novatti to distinguish between authorised and illegal financial activity.

“As we expand our relationships and add new payment services, we need an AML transaction monitoring solution that is efficient and can keep up with the increasing transaction volumes of our growing business,” Evangelia Pefkou, Group GM of Risk, Legal and Compliance at Novatti Group, said.

“We chose ThetaRay’s SONAR because it is a true AI-based solution that effectively prevents financial crime – including unknown and hidden money laundering – with high detection rates and low false positives. This will enable us to file high-quality reports proactively and efficiently to regulators.”

SONAR will also assist Novatti in managing the complex nature of cross-border transactions, as it involves financial institutions operating across multiple currencies. The tool will seek to provide better transparency for Novatti and its customers, as well as protecting them from money laundering, terrorist financing, human trafficking and narco-trafficking.

“We are excited about the opportunity to help Novatti Group deliver fast, secure payments and build trust through its global network,” Mark Gazit, CEO of ThetaRay, said.

“SONAR detects even the newest and most sophisticated criminal schemes, so Novatti will be able to simultaneously establish new relationships to grow global business, increase revenues and improve customer service.”

“Partnering with Novatti will help grow their business while securing services from money laundering and other financial crimes,” Dan Wollis, Vice President Strategic Accounts at ThetaRay, said.

“There is a great synergy between the companies, driving innovation in the global payments network. We look forward to collaborating and building a strong relationship.”