- Apollo Fintech, which is a provider of financial technology services including the bank-to-bank transfer service Knox Wire, has confirmed that it has signed up with ThetaRay.
- Apollo will use ThetaRay’s Sonar service, which is an artificial intelligence-based software as a service package for monitoring and screening.
- “Apollo Fintech has a mission to exceed the highest industry capabilities and offer the safest, fastest, and most feature-rich products possible,” said a senior figure at the company.
Apollo Fintech, a South Africa-based provider of financial technology services, has announced that it will use ThetaRay for international money transfer monitoring purposes.
Apollo Fintech said that it had appointed ThetaRay so that it could use its system known as Sonar.
Sonar is an artificial intelligence-based software as a service package for monitoring and screening.
It will apply Sonar to its new service, which is known as Knox Wire.
Knox Wire operates in the bank-to-bank space.
It allows 30,000 financial organisations around the world to provide clients with almost real-time transactions to more than 200 nations.
It also allows for 150 currencies to be used, and for transaction costs to be reduced.
In a statement, a senior figure at Apollo Fintech pointed out that the company had a mission to provide the strongest possible service.
Stephen McCullah, who is the chief executive officer there, also said that it wanted to provide the fastest service.
“Apollo Fintech has a mission to exceed the highest industry capabilities and offer the safest, fastest, and most feature-rich products possible,” he said.
He added that Knox Wire was there to create a new international standard.
“Knox Wire was built to set a new global standard for network size and settlement speed,” he explained.
He also said that using ThetaRay would allow for an expansion of “partner financial institutions”.
“The ThetaRay solution will allow Apollo Fintech to expand our network of partner financial institutions by relying on a best-in-class AML and screening solution,” he explained.
For ThetaRay, meanwhile, the chief executive officer there, Mark Gazit, said that the company was delighted about the new pairing.
“We are thrilled to launch this partnership and provide Apollo with a growth engine for new business,” he said.
He added that Apollo would be able to enhance trust in the international finance world through this collaboration.
“With ThetaRay’s advanced AI transaction monitoring, Apollo can accelerate a new level of trust in the global financial system,” he explained.
He also explained that it would enhance efficiency and effectiveness – as well as customer satisfaction and security.
“ThetaRay’s AI makes the entire process of transaction monitoring much more efficient and effective and increases customer satisfaction, while ensuring safety and security,” he said.
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