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Apollo Fintech faucets ThetaRay for Sonar AML monitoring tech

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South Africa’s Apollo Fintech has tapped ThetaRay for its AI-powered cross-border funds monitoring expertise Sonar. The tech shall be deployed to observe and display transactions on its new Knox Wire service, a bank-to-bank cross-border funds system.

Sonar will permit Apollo to soundly develop its Knox Wire community

Apollo Fintech CEO Stephen McCullah says utilising ThetaRay’s anti-money laundering (AML) answer will permit the agency “to develop our community of companion monetary establishments”.

Knox Wire permits 30,000 monetary establishments to supply their purchasers near-instant cross-border funds to over 200 international locations in 150 currencies with decrease transactions prices. “Knox Wire was constructed to set a brand new world customary for community dimension and settlement velocity,” McCullah provides.

ThetaRay says its “synthetic intelligence instinct” expertise can detect identified and unknown threats, with a 95% detection charge and 99% discount in false positives.

The expertise analyses shopper/payer/payee knowledge and threat indicators to detect anomalies throughout the $35 trillion cross-border funds market.

Sonar can detect cash laundering exercise carried out by shell individuals and firms, create buyer identities to isolate high-risk beneficiary exercise, determine advanced threat patterns and display transactions of sanctioned people.

Apollo Fintech joins the likes of Payoneer and Mashreq Financial institution in utilising ThetaRay’s Sonar SaaS expertise.


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