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The agreement marks the expansion of ThetaRay AI SaaS solution into the GCC fintech community
Dubai, United Arab Emirates and New York and Tel Aviv, Israel, December 14;-(BUSINESS WIRE)–Money Now, the GCC’s first mobile banking solution focused on financial inclusion, and ThetaRay, a leading provider of AI-powered transaction tracking technology, today announced a partnership to enable tracking of ThetaRay’s cloud-based AML solution. Cross-border payments and support for the prevention of financial crimes and money laundering on fintech payment platforms.
This press release contains multimedia. See the full release here: https://www.businesswire.com/news/home/20221213005555/am/
A banking app that now includes Money (Photo: Business Wire)
Money Now leverages Titaray’s advanced SONAR anti-money laundering solution with combined transaction monitoring and ban list filtering to uncover known and unknown money laundering crimes to stay one step ahead of financial crimes and prevent attempts to breach sanctions in real time.
The new partnership is important as remittances from the UAE are expected to reach Dh 2.88 trillion* ($780 billion) in Q1 2022.
The deal underscores Titaray’s expansion into GCC financial institutions as it continues the September 2020 Abraham Accords to normalize relations between Israel and the United Arab Emirates, Bahrain, Sudan and Morocco.
In the year Founded in 2016, Now Money provides mobile banking services to employees of all income levels, who have previously been neglected and underserved. FINANCIAL INCLUSION The main objective of NOW Money is to provide equal access to financial services.
Now Money offers its mobile banking application to all customers at low cost financial services including domestic and international mobile payments, contactless Visa card online and card transactions and cross-border money transfers at the lowest exchange rates. Those who can send money home to their families.
“There is a huge opportunity in the Gulf to provide mobile banking services and financial education to the millions of unbanked or underserved people. Our mission is to create a world where everyone has fast and equal access to the financial services they want,” said Noel Connolly, CEO of NOW Money. “Tetaray’s AI technology, using advanced machine learning, now enables funds to handle an unlimited number of transactions, expand business into high-risk areas, and earn the trust of financial partners and regulators around the world.”
International remittances are an important means of bringing money to low-income countries and unbanked communities. However, those countries may represent large amounts of high-risk jurisdictions and export funds that may be subject to financial crimes for illicit funds.
“We are honored to partner with GCC fintech leader NOW Money to build trust in the fast-changing world of digital finance and eliminate financial injustice for migrant workers to make the world a better place,” said ThetaRay CEO Mark Gazitt. It is a chapter. We look forward to accelerating collaboration with more financial institutions in the region.”
ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, replacing human bias, giving the system the power to identify anomalies and find unknowns outside of normal behavior, including completely new types. It enables fintechs and banks to implement a risk-based approach to effectively identify suspicious activity and create a complete picture of customer identity. This allows them to quickly detect known and unknown money transfers and reduce false positives by up to 99 percent compared to rules-based solutions.
Source: (https://gulfnews.com/business/remittances-climb-to-dh288-trillion-in-first-quarter-uae-central-bank-1.89482455)
About NOW money
Now Money works with GCC companies as a payroll service. Every company receives the easy-to-use NOW Money payroll portal, and every employee receives a NOW Money account and NOW Money app, providing the ability to send money overseas safely and quickly at low cost.
Now Money has won over 20 awards for financial inclusion globally and is backed by world-renowned fintech venture capital funds, banks and regulators.
To learn more about NOW Money, visit https://nowmoney.me/ or follow them on Twitter and LinkedIn.
About ThetaRay
The ThetaRay AI-powered SONAR transaction tracking solution based on “Artificial Intelligence Insights” enables banks and fintechs to expand their business opportunities and increase their revenue through loyalty and cross-border payments. A basic solution improves customer satisfaction, reduces compliance costs and increases risk coverage. Financial organizations operating in highly diverse and complex ecosystems benefit greatly from ThetaRay’s unmatched low false positives and high detection rates.
For more information, visit www.thetaray.com.
Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20221213005555/am/
Contacts
Liz at PR@nowmoney.me
Nina Gilbert, ThetaRay
Nina.gilbert@thetaray.com
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