Australian fintech uses ThetaRay for AML monitoring

Novatti Group, an Australian fintech company, has chosen ThetaRay’s anti-money laundering (AML) transaction monitoring solution to safeguard its global payment services against financial crimes.

Novatti Group, which facilitates domestic and international payments for businesses and individuals, is ThetaRay’s first SaaS client in the Asia-Pacific region.

ThetaRay’s AI-powered transaction monitoring solution SONAR will monitor hundreds of thousands of Novatti transactions per year. The solution boasts a 95 percent detection rate and a 99 percent reduction in false positives when compared to rules-based solutions.

Novatti Group’s group general manager of risk, legal, and compliance, Evangelia Pefkou, explains, “We chose ThetaRay’s SONAR because it is a true AI-based solution that prevents financial crime, including unknown and hidden money laundering, with high detection rates and low false positives.

This will allow us to submit proactive and efficient high-quality reports to regulators. As we expand our relationships and add new payment services, we require an AML transaction monitoring solution that is efficient and able to keep up with our increasing transaction volume.”

Detecting criminal activity
SONAR protects users from the risk of being exploited for money laundering, terrorist financing, human trafficking, and narco-trafficking, while empowering partners to increase the volume of transfers.

Mark Gazit, CEO of ThetaRay, explains, “SONAR detects even the newest and most sophisticated criminal schemes, allowing Novatti to simultaneously establish new relationships to expand its global business, increase revenues, and enhance customer satisfaction.”