Travelex reveals new pairing with ThetaRay


Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content overseeing all content and taking deep dives into the trends and data driving changes in payments. Previously, Lucy worked as a technology journalist and editor,… Read more
  • Travelex, a provider of foreign exchange services as well as a major name in the cross-border payments field, has announced a new connection with a company in the security field.
  • Travelex will implement the SONAR anti-money laundering system, which is offered on a software-as-a-service basis, press reports said.
  • “ThetaRay is the only provider we’ve found that meets our high business standards by providing both AI-based transaction monitoring and sanctions screening within one platform,” said a spokesperson for Travelex.

Travelex, a cross-border payments and foreign exchange specialist, has partnered with security provider ThetaRay to enhance transaction monitoring across its products. 

Travelex’s Brazil operations will partner with ThetaRay, which uses artificial intelligence to help banks and other financial organisations combat money laundering.

It is understood that Travelex will implement the SONAR anti-money laundering system.

SONAR will allow Travelex to monitor domestic and international transactions and detect any attempts to launder money or circumvent financial sanctions through the company's system. 

“Our responsibility is to simplify our customers’ access to international money,” said the chief compliance officer, Celia Pizzi.

“ThetaRay’s SONAR will enable us to expand our product services portfolio and improve customer service while improving our overall AML operations.

“ThetaRay is the only provider we’ve found that meets our high business standards by providing both AI-based transaction monitoring and sanctions screening within one platform,” she explained.

“SONAR will provide higher efficiency and secure risk coverage, enabling new businesses and lines of revenue.”

Mark Gazit, the chief executive officer of ThetaRay said the provider was excited for the partnership to commence.

“Travelex Bank represents a new generation of global institutions that is readying its money transfer and payment infrastructure for changing conditions.

“Travelex is a provider that looks to the future and prioritizes trust, confidence, and quality,” he said.

“We are very proud and excited to build this partnership with Travelex that will help fuel growth of the global economy.”

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