ThetaRay Partners with Qolo to Provide Transaction Monitoring Technology for the Omnichannel Payments Platform

Incorporating ThetaRay’s SONAR AI-driven AML solution, the partnership aims to detect and prevent financial crimes 

ThetaRay, a leading provider of AI-powered transaction monitoring technology, and Qolo, an omnichannel platform enabling the seamless movement of money from a single API, announced a collaboration to detect and prevent financial crimes across Qolo’s full range of curated payment services.

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Through the agreement, Qolo will implement ThetaRay’s SONAR anti-money laundering (AML) SaaS solution to monitor transactions — including worker disbursements, multi-currency business processing, and more — for its existing and new clients.

Qolo is a first-party provider of core payment functionality, and the first and only 100% cloud-based issuing processor. Committed to elevating the future of payments, Qolo offers a simplified experience for its clients with comprehensive functionality, improved economics, and quicker time to market.

“We are dedicated to enabling fast, agile and secure payment solutions in the name of future-proofing our clients,” said Patricia Montesi, Qolo CEO. “ThetaRay’s solution reduces false positive alerts while identifying the earliest signs of true money laundering activity, helping further our commitment to remove pain points historically found in the industry and better establish trust for this next generation of innovators.”

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ThetaRay’s SONAR is a unique SaaS offering that analyzes multiple payment data sources to detect anomalies indicating money laundering activity across complex paths. It deploys proprietary “artificial intelligence intuition” machine-learning methodology with unbiased AI to rapidly analyze risk indicators associated with financial crimes for both domestic and cross-border payments. As a result, SONAR delivers 95% investigation-worthy alerts and detects both known and unknown threats hidden within massive amounts of data.

“We look forward to working with Qolo to drive innovation in the fintech market and build a network of trust in today’s growing global financial ecosystem,” said Mark Gazit, CEO of ThetaRay. “ThetaRay’s advanced AI will enable Qolo to better detect criminal behavior and increase client profitability.”

“We are thrilled to partner with Qolo and grow business while keeping their networks safe and secure from money laundering and other financial crimes,” said Dan Wollis, Vice President, North America. “There is great synergy between ThetaRay and Qolo, with our SaaS solution complementing and bolstering their full-service, cloud-native payments infrastructure.”

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