- Qolo, which is an omnichannel platform, has announced a new push towards transaction monitoring with ThetaRay, which is a provider of artificial intelligence.
- The new arrangement will work from a single application programming interface, which will use the SONAR anti-money laundering service developed by ThetaRay.
- “ThetaRay’s solution reduces false positive alerts while identifying the earliest signs of true money laundering activity, helping further our commitment to remove pain points historically found in the industry and better establish trust for this next generation of innovators,” a spokesperson for Qolo said.
ThetaRay, a provider of artificial intelligence-powered transaction monitoring software, has announced a new relationship with omnichannel platform Qolo.
The arrangement will see Qolo implement ThetaRay's SONAR anti-money laundering service across it's range of curated payment services.
The transaction monitoring service can be applied to a number of domestic and cross-border payments functions.
These include worker payments, business processing in multiple currencies, and more.
The new service will be applied to current clients as well as new ones.
In a statement, the chief executive officer of Qolo said that the company was committed to bringing about speedy and secure payments.
Patricia Montesi said that this was all part of the goal of “future-proofing” for clients.
“We are dedicated to enabling fast, agile and secure payment solutions in the name of future-proofing our clients,” she said.
She added that ThetaRay’s solution will bring down the number of “false positive alerts” and help spot money laundering.
“ThetaRay’s solution reduces false positive alerts while identifying the earliest signs of true money laundering activity, helping further our commitment to remove pain points historically found in the industry and better establish trust for this next generation of innovators,” she said.
Mark Gazit, ThetaRay’s chief executive officer, said that his company was excited about the prospect of working with Qolo and that it would help to build trust.
“We look forward to working with Qolo to drive innovation in the fintech market and build a network of trust in today’s growing global financial ecosystem,” he said.
“ThetaRay’s advanced AI will enable Qolo to better detect criminal behavior and increase client profitability.”
Qolo has already made history in the sector when it became the first and only 100% cloud-based issuing processor, even though it was only set up in 2018.
It describes itself as having a “client-based” approach and works with several major institutions, including neobanks.
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