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ThetaRay AI Tech to Monitor Remittance Transactions Into Africa for Zeepay

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ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced that Zeepay, a fast-growing Ghanian mobile financial services company, has selected ThetaRay’s advanced SONAR SaaS anti-money laundering solution to detect financial crime for its remittance transactions.

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Andrew Takyi-Appiah, Zeepay managing-director (Photo: Business Wire)

The agreement with Zeepay highlights ThetaRay’s expansion in the African payments market.

Remittances are an important method of bringing money into low-income countries and unbanked communities. However, they can also be used as a conduit for financial crime for illicit funds. As remittances make up the majority of Zeepay’s business, the company needed to replace its previous rules-based monitoring solution with an AI-based solution capable of detecting the very first signs of even the newest and most sophisticated financial crime schemes.

“AI technology with the ability to prevent financial crimes is essential to fintech companies like Zeepay, and is a growing necessity,” said Andrew Takyi-Appiah, managing director of Zeepay. “With its distinctive features and functionalities, ThetaRay’s SONAR is the right choice for our business.”

Kwame Baah-Gyimah, head of Compliance at Zeepay, added: “ThetaRay has a seamless user interface providing intuitive and dynamic features. Their AI feature helps improve actionable alerts by reducing false alerts related to remittance transactions.”

SONAR is based on an advanced form of AI that makes better decisions with no bias or thresholds. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. This enables the rapid discovery of both known and unknown money laundering threats, with up to 99% reduction in false positives compared to rules-based solutions.

"Zeepay is leading the African fintech market while truly making the world a better place by offering lower-cost services to underserved regions,” said Mark Gazit, CEO of ThetaRay. “The company should not have to worry about its technology being exploited while enabling foreign workers to send money home to their families. We are proud to provide an AI solution that can stop criminals in their tracks so Zeepay can continue to promote financial inclusion and grow its business.”

About Zeepay
Zeepay is the fastest-growing mobile financial services company across Africa, with operations in Ghana and the United Kingdom and terminating to 20 countries across Africa, with termination agreements in over 90 jurisdictions globally. It specializes in remittance termination into mobile wallets and is completely network and partner agnostic.

Visit www.myzeepay.com for more information.

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.

For more information, visit www.thetaray.com.

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Contact information

Nina Gilbert, ThetaRay
Nina.gilbert@thetaray.com

Leticia Browne, Zeepay
Head of Markets, Inclusion and Advocacy
l.browne@myzeepay.com

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