- Payoneer has announced that it will work alongside ThetaRay to provide global transaction monitoring services on the former’s money transfers, including combating money laundering.
- The move is expected to begin in Q2 2022.
- “The magic of ThetaRay SONAR is that it doesn’t just protect against money laundering threats; it may also enable fintechs and banks to increase their growth and revenues, improve customer service, and help decrease financial inequality by offering services in traditionally unbanked regions,” said a senior figure at ThetaRay.
ThetaRay, a major provider of transaction monitoring technology for the online money transfer sector, has confirmed that it will collaborate with a major payments tech firm.
ThetaRay said that it had been chosen by the technology firm Payoneer to provide global transaction monitoring services.
ThetaRay is expected to use the SONAR solution, which is offered on a software-as-a-service basis.
The new arrangement is expected to start in Q2 2022, at which stage ThetaRay will begin to monitor Payoneer’s transactions.
In a statement, a senior figure at Payoneer said that the move had taken place in the context of increasingly strong regulation.
Jani Gode, who is the chief compliance officer at the firm, said that the company wanted to explore a solution that was higher on the efficiency scale.
“With regulations becoming increasingly stringent, we needed to find a more efficient, AI-based transaction monitoring system that doesn’t require the time and expense of on-prem development,” she said.
She went on to say that the cloud-based offering that ThetaRay brings is ideal for enhancing the value that customers could experience.
“ThetaRay’s cloud-based solution is fully scalable to grow with our business, as we expand relationships with payment providers and banks globally to give more value to our customers,” she explained.
The chief executive officer of ThetaRay pointed out that Payoneer understood why safety was important in this sector.
Mark Gazit described Payoneer as the “world’s go-to partner” when it came to online transfers.
“As the world’s go-to partner for digital payments, Payoneer understands better than most the importance of safe, secure cross-border transactions,” he said.
He added that the SONAR system was designed to protect against the threat of money laundering and also help with tasks such as customer service.
“The magic of ThetaRay SONAR is that it doesn’t just protect against money laundering threats; it may also enable fintechs and banks to increase their growth and revenues, improve customer service, and help decrease financial inequality by offering services in traditionally unbanked regions,” he said.
“We look forward to collaborating with Payoneer to bring trust to the new global economy.”
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