- ThetaRay will offer MFS Africa its so-called SONAR solution, which is a software-as-a-service package designed to include transaction monitoring.
- MFS Africa said that the two firms would work together to look after MFS Africa’s increasingly extensive network of services.
- “We take our role in safeguarding the integrity of payments systems very seriously, and this partnership with ThetaRay exemplifies our approach to a strong governance and control environment,” said a spokesperson for MFS.
MFS Africa, a fast money transfer organisation, has confirmed that it will work with AI-powered transaction service ThetaRay to look after MFS Africa’s increasingly large network of services.
They aim to protect the network from the threat of financial crime, which can cause significant problems for an organisation if left unaddressed.
ThetaRay will offer MFS Africa its so-called SONAR solution, which is a software-as-a-service package designed to include transaction monitoring.
It helps firms like MFS manage the risk of money laundering and allows it to adhere to anti-money laundering regulations.
The move comes at a significant time for MFS Africa, as the company recently announced that it had acquired a firm called Baxi, a so-called “super-agency” network based in Nigeria.
It has also picked up a financial technology company in the US called GTP.
“As MFS Africa continues to expand its business across Africa and focuses on enabling new use cases, ThetaRay’s advanced platform assures the company an efficient and effective solution that can support our increasing payment volumes, while reducing exposure to risk from financial crimes,” said Patrick Gutmann, Managing Director of MFS Africa.
“Moving from a rules-based solution to a sophisticated AI platform is a game-changer for compliance, thanks to its new breed of intelligence that drastically reduces false positives and enables us to detect unknown cases,” explained Funmi Dele-Giwa, General Counsel and Head of Governance, Risk & Compliance at the firm.
“We take our role in safeguarding the integrity of payments systems very seriously, and this partnership with ThetaRay exemplifies our approach to a strong governance and control environment.”
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