Zeepay selects ThetaRay AI tech to monitor remittance transactions

Zeepay selects ThetaRay AI tech to monitor remittance transactions

Ghana-based mobile financial services company Zeepay has adopted ThetaRay’s advanced SONAR SaaS anti-money laundering AI-powered solution for detecting financial crimes during its remittance transactions.

This agreement highlights ThetaRay’s expansion into the payments market of Africa.

While remittances act as an important way of bringing money to low-income nations and unbanked communities, they can be used as a means for committing financial crimes for illegal funds.

As remittances make up a significant part of Zeepay’s business, the fintech had to replace its rules-based monitoring solution with an AI-powered one that can detect the earliest signs of even the latest and most complicated financial crime schemes.

Andrew Takyi-Appiah, MD of Zeepay, stated that AI technology that can prevent financial crimes was important for fintech firms such as its own, and that it was becoming a growing necessity.

The top official added that ThetaRay’s SONAR, given its distinctive features and functionalities, was the right choice for Zeepay.

Kwame Baah-Gyimah, Head of Compliance, Zeepay, commented that ThetaRay provided a seamless user interface having intuitive and dynamic features, and that its AI feature would help Zeepay improve actionable alerts by decreasing false alerts associated with remittance transactions.

ThetaRay’s SONAR is based on advanced AI which makes better decisions without any thresholds or bias. It provides banks and fintechs a risk-based approach that effectively identifies any suspicious activity and gives a complete idea about customer identities across transaction paths.

This allows quick discovery of known and unknown money laundering threats and reduces false positives by almost 99% compared to rule-based solutions.

Mark Gazit, CEO, ThetaRay, said that Zeepay was leading the fintech market in Africa and working towards making the world a better place with its lower-cost services in underserved regions.

Gazit added that ThetaRay was proud to offer an AI solution that prevented criminal activity so Zeepay could continue promoting financial inclusion and expand its business.

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Meghna Singh

An English Literature graduate, Meghna Singh ventured into the profession of content development to incorporate her knack for writing articles across verticals including technology, healthcare, business, and alike for News Origins and Newsorigins. She has also completed her MBA in Tourism and worked as a content creator in the field of product development.