Based Mobile Banking Platform Chooses Israel’s ThetaRay’s AI SaaS Solution
Now Money, the GCC’s first mobile banking solution focused on financial inclusion, and ThetaRay, a leading Israeli provider of AI-powered transaction monitoring technology announced a collaboration to implement ThetaRay’s cloud-based AML solution to monitor cross-border payments and support in the prevention of financial crimes and money laundering on the fintech’s payments platform.
Now Money selected ThetaRay’s advanced SONAR anti-money laundering solution with combined transaction monitoring and sanctions list screening to stay a step ahead of financial crime by uncovering both known and unknown money-laundering crimes, as well as preventing attempts to violate sanctions in real-time.
The new partnership is essential as the number of overbroad money transfers continues to grow, with the value of remittances from the UAE being 780 billion USD in Q1 2022.
The agreement highlights ThetaRay’s expansion in GCC financial institutions, amid the continued realization of the Abraham Accords that were signed in September 2020 to normalize relations between Israel and the UAE, Bahrain, Sudan, and Morocco.
“There is a huge opportunity in the Gulf to provide mobile banking services and financial education to millions of people who are unbanked or underserved. Our mission is to create a world where everyone has instant and equal access to financial services they can, and want, to use” said Noel Connolly, CEO of NOW Money.
“ThetaRay’s AI technology using advanced machine learning will enable NOW Money to process unlimited volumes of transactions, expand the business into high-risk areas and gain the trust of financial partners and regulators worldwide.
“We are honored to partner with GCC fintech leader Now Money to create trust in the fast-changing digital financial world and make the world a better place by eliminating financial injustice against migrant workers,” said Mark Gazit, CEO of ThetaRay. “A Gulf fintech choosing AI technology from ThetaRay marks another milestone in the Abraham Accords. We look forward to accelerating collaboration with additional financial institutions in the region.”