Source: Milcah Lukhanyu /Techmoran

South Africa’s remittance provider ClickSendNow  has partnered with AI-powered transaction monitoring technology company ThetaRay to simplify remittance payments across Africa.

The partnership will enable ClickSendNow, which provides smart, smooth and simple money transfers to over 30 countries in Africa, to scale efficiently and in compliance with regulatory requirements.

Tyler Slement, CEO of ClickSendNow said, “Our goal of simplifying remittance payments across Africa is only possible by leveraging AI for our AML needs.”

“ThetaRay’s analysis and presentation of transaction database norms and patterns are unique in the market and we are excited to partner with them to scale our business securely and efficiently,”he added.

As part of the partnership  ClickSendNow will impliment SONAR, ThetaRay’s AI-powered AML transaction monitoring and screening solution which enables fintechs, banks, and regulators to embed trust in cross-border and domestic payments while driving financial growth.

ThetaRay uses proprietary and patented algorithms to efficiently detect anomalies in unlimited data sets and reliably pinpoint suspected cases of money laundering in transactions with virtually no false positives.

ThetaRay full-stack detection platform leverages a combination of rules-based, AI/ML risk-based and network visualization to provide maximum insights into financial networks.

 The cloud-based SaaS system reduces false positive alerts by up to 90%, cuts analyst time in half and detects 100% of unknown cases quickly and transparently.

“As the world continues to move toward the goal of 3% on remittance payments, it is critical that we build a financial network that is both efficient and safe,” said Peter Reynolds, CEO of ThetaRay.

“We’re excited that ClickSendNow has joined a fast-growing cadre of Africa-based fintechs that have chosen ThetaRay’s AI-powered system to offer excellent customer experience and state-of-the-art AML compliance to its customers.”

The company has also announced that it will be hosting events for Africa-based fintech in Johannesburg, South Africa on July 26th and Nairobi, Kenya on August 1st. 

Source: Milcah Lukhanyu /Techmoran