AirPak, which claims to be a leader in remittance services across Central America, is proud to announce its partnership with ThetaRay, a key player focused on AI-powered transaction monitoring solutions.
ThetaRay is an OurCrowd portfolio company that has raised over $23 million on the investment platform. The company has been described as able to “sense’ money laundering.
The collaboration aims to strengthen AirPak’s Anti-Money Laundering (AML) program, a crucial step “towards ensuring trust in global remittances.”
AirPak has represented Western Union exclusively “in the region for over 30 years.” More recently, it extended its reach to Mexico through a non-exclusive representation, “becoming the Western Union Master Agent operating in multiple countries worldwide.”
With ThetaRay’s AI-powered transaction monitoring solution, SONAR, AirPak will be able to quickly deploy AI “in the fight against financial crime, leading to more efficient compliance management, better customer service, and more seamless and trusted transactions.”
Andrea De La Fuente Levet, AirPak’s Legal and Compliance Regional Manager, said:
“AirPak’s decision to implement ThetaRay’s marks a significant milestone in its journey toward excellence. This strategic move is set to revolutionize the way AirPak operates, enabling it to expedite growth, reduce false positives, enhance detection capabilities, and expedite investigation procedures.”
To bolster its commitment to robust financial oversight and risk mitigation, AirPak has chosen to extend its collaboration with ThetaRay by also “implementing the Customer Due Diligence (CDD) module.”
The CDD module offers advanced features, providing AirPak with enhanced visibility into the various risks associated “with customer onboarding and maintenance, ensuring regulatory compliance at every step of the process.”
“We are thrilled to extend our LATAM business and to be working with the team at AirPak. Enabling Trusted Global Payments while significantly improving efficiency for our banking and fintech customers is key to our vision, and we’re proud to make this possible for AirPak.”
As covered, ThetaRay’s AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows banks and fintechs to “expand their business opportunities and grow revenues through trusted and reliable cross-border payments.”
The solution also reportedly “improves customer satisfaction, reduces compliance costs, and increases risk coverage.”
Financial organizations that rely “on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay’s low false positive and high detection rates.”
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