Payoneer taps cybersecurity firm ThetaRay for AI-powered transaction monitoring
US paytech Payoneer has selected cybersecurity firm ThetaRay to monitor global cross-border transactions facilitated through its platform and help root out money laundering and other financial crime.
Payoneer will deploy ThetaRay’s Sonar solution from Q2 2022
Under the long-term arrangement, Payoneer will deploy ThetaRay’s AI-powered Software-as-a-Service (SaaS) Sonar solution from Q2 2022.
“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,” says Payoneer chief compliance officer Jani Gode.
Following “years of success” in the banking sector, ThetaRay’s pivot to payments in the fintech sector will see it monitor Payoneer’s customer-facing digital payments services.
ThetaRay claims Sonar is the industry’s most advanced financial crime prevention solution for cross-border payments.
Sonar is based on an advanced form of AI called Artificial Intelligence Intuition that can mimic human feelings, perceptions, inferences, hypotheses and reasoning to make better decisions.
The tech can spot both known and unknown money laundering threats and claims a 95% detection rate and 90% reduction in false positives compared to rules-based solutions.
ThetaRay says this will provide “full visibility” and transparency across complex, cross-border transaction paths, protecting against money laundering efforts, terrorist financing, human trafficking and narco-trafficking.
