- ThetaRay, which uses artificial intelligence and big data to help participants in the payments system watch for and combat financial crime, is going to offer a new service called SONAR.
- SONAR will come with a long list of high-end features designed to reduce financial crime in even the most complicated of exchanges – such as cross-format data ingestion capabilities.
- Senior figures at the company were positive about the development, with one suggesting that the firm could have similar levels of impact on the sector as the financial messaging service Swift.
A major provider of big data analytics has announced that it is going to launch a new anti-fraud service for customers in the international money transfers world.
ThetaRay, which provides big data solutions anchored in artificial intelligence technologies, said that its new product will be named SONAR.
The firm claims that SONAR will be a market leader when it comes to stopping crime in the field.
It will allow users to observe how processes are operating in a range of complicated transaction routes, and aims to reduce the risk of money being used for criminal purposes.
Such purposes include terrorist money exchanges as well as money laundering and drug selling.
The full list is advanced, and includes everything from cross-format data ingestion to user-focused application programming interfaces.
The news from ThetaRay comes after the firm announced that it will be receiving $31m in funding.
In a statement, a senior figure at the company said that it will be working to set a “new standard” when it came to international money transfers.
Mark Gazit, who is the firm’s chief executive officer, said that ThetaRay will allow users to experience both “risk and revenue” rather than having to choose between the two.
“For the first time in the history of cross-border transactions, risk and revenue are no longer a trade-off,” he said.
“SONAR is the new standard for trusted global transactions, providing an accurate assessment of risk and enabling safe, secure cross-border payments for financial services providers and their partners,” he said.
He added that the service could be ready to operate within just a short period of time – meaning that “immediate value” was on offer.
“Best of all, it can be up and running within days, providing immediate value,” he said.
Erel Margalit, the chairman of the company’s board, also added comments – and suggested that the firm was modelling itself on the financial messaging service Swift, which decades ago transformed the industry.
“What Swift did to the banking world 25 years ago, ThetaRay will do to the banking world in the next ten years,” said Margalit.
He said that “business security and co-operation between countries” required the removal of “financial cybercriminals” from the mix – and added that ThetaRay would contribute to this.
ThetaRay is just one of many companies enjoying exciting product and service launches at the moment – to see what other similar firms in the cross-border payments sphere are doing, just head over to our reviews section.
