South Africa’s Clicksendnow Selects ThetaRay to Automate Transactions Monitoring and Sanction Screening

The remittance provider chose ThetaRay’s Unsupervised AI platform to monitor and screen its network to minimize exposure to AML and other financial crimes 

TEL AVIV and HERMANUS, JULY 24, 2023 — Clicksendnow, market-challenger in African remittance payments, and  ThetaRay, a leading provider of AI-powered transaction monitoring technology, announced today the implementation of ThetaRay’s SONAR platform to provide automated transaction monitoring and sanction screening to support ClickSendNow’s company growth.

The partnership will enable Clicksendnow, which provides smart, smooth and simple money transfers to over 30 countries in Africa, to scale efficiently and in compliance with regulatory requirements. By implementing ThetaRay’s award-winning SONAR AML system, ClickSendNow will be able to detect the earliest signs of sophisticated money laundering activity and mitigate risk. 

“Our goal of simplifying remittance payments across Africa is only possible by leveraging AI for our AML needs,” said Tyler Slement, CEO of Clicksendnow. “ThetaRay’s analysis and presentation of transaction database norms and patterns are unique in the market and we are excited to partner with them to scale our business securely and efficiently.”

ThetaRay full-stack detection platform leverages a combination of rules-based, AI/ML risk-based and network visualization to provide maximum insights into financial networks. The cloud-based SaaS system reduces false positive alerts by up to 90%, cuts analyst time in half and detects 100% of unknown unknown cases quickly and transparently.

“[draft] As the world continues to move toward the goal of 3% on remittance payments, it is critical that we build a financial network that is both efficient and safe,” said Peter Reynolds, CEO of ThetaRay. “We’re excited that Clicksendnow has joined a fast-growing cadre of Africa-based fintechs that have chosen ThetaRay’s AI-powered system to offer excellent customer experience and state-of-the-art AML compliance to its customers.”

ThetaRay will be hosting events for Africa-based fintechs in Johannesburg, South Africa on July 26th and Nairob, Kenyai on August 1st


About ClickSendNow

Clicksendnow is a South African-based remittance platform that is authorized by the South African Reserve Bank. The company allows its users to send money to over 30 countries across the African continent in a smart, smooth and simple way.

About ThetaRay

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 groundbreaking solution also 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 unmatchable low false positive and high detection rates. 

Media contact: 

Eytan Morgenstern

Marketing Manager

was shared 0 times