Novatti Group Adopts ThetaRay AI Technology to Monitor Global Payments

Australian fintech deploys SaaS AML solution to boost global expansion opportunities and customer service

ThetaRay, a leading provider of AI-powered transaction monitoring technology, announced that Novatti Group, a leading fintech that enables businesses to pay and be paid, has chosen SONAR, ThetaRay’s SaaS AML transaction monitoring solution, to protect its growing global payments services against money laundering and other financial crimes.

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“Partnering with Novatti will help grow their business while securing services from money laundering and other financial crimes”

Headquartered in Australia, Novatti Group enables businesses and individuals to make payments both domestically and internationally. Novatti currently serves 59 countries with products including cross-border transfers, digital wallets and vouchers, and overseas bill payments.

Novatti is ThetaRay’s first SaaS customer in the Asia-Pacific region.

SONAR, ThetaRay’s advanced AI-powered transaction monitoring solution based on “artificial intelligence intuition,” will monitor hundreds of thousands of transactions per year for Novatti. The solution’s ability to detect the earliest signs of sophisticated money laundering activity will enable Novatti to verify that processed transactions are isolated from illegal activity without affecting the quality of service. This ability to provide a trustworthy, secure service will empower Novatti to increase its international growth opportunities.

“As we expand our relationships and add new payment services, we need an AML transaction monitoring solution that is efficient and can keep up with the increasing transaction volumes of our growing business,” said Evangelia Pefkou, Group GM of Risk, Legal and Compliance at Novatti Group. “We chose ThetaRay’s SONAR because it is a true AI-based solution that effectively prevents financial crime – including unknown and hidden money laundering – with high detection rates and low false positives. This will enable us to file high-quality reports proactively and efficiently to regulators.”

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“We are excited about the opportunity to help Novatti Group deliver fast, secure payments and build trust through its global network,” said Mark Gazit, CEO of ThetaRay. “SONAR detects even the newest and most sophisticated criminal schemes, so Novatti will be able to simultaneously establish new relationships to grow global business, increase revenues and improve customer service.”

Cross-border transactions often involve a complicated sequence of financial institutions operating across multiple currencies in different countries, creating a challenge for fintechs and banks to have full transparency into final beneficiaries. By providing full visibility across complex, cross-border transaction paths, SONAR helps protect users against the risk of being exploited for money laundering, terrorist financing, human trafficking, and narco-trafficking while empowering partners to increase their volume of transfers.

“Partnering with Novatti will help grow their business while securing services from money laundering and other financial crimes,” said Dan Wollis, Vice President Strategic Accounts, ThetaRay. “There is a great synergy between the companies, driving innovation in the global payments network. We look forward to collaborating and building a strong relationship.”

SONAR is the industry’s most advanced financial crime prevention solution for cross-border payments. It enables the rapid discovery of both known and unknown money laundering threats, with a peerless 95% detection rate and up to 99% reduction in false positives compared to rules-based solutions.

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