Travelex Bank, Brazil’s largest foreign exchange specialist, is preparing for a growth spurt across its money transfer business following the implementation of ThetaRay’s SONAR anti-money laundering (AML) SaaS solution for domestic and international transaction monitoring and real-time sanctions screening.
“As a result, using ThetaRay, we can now grow our business by 30 to 40%”
Travelex Bank is one of the world’s leading specialist providers of foreign exchange, offering a range of international money transfer products including import/export, remittances, and mass payments.
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In a highly regulated country like Brazil, money laundering is a serious concern for money-transfer companies. Travelex Bank in Brazil chose the ThetaRay SONAR AI-powered solution for transaction monitoring and sanctions list screening to monitor and detect both known and unknown financial crime threats, including human trafficking and animal trafficking.
“Reputation in anti-money laundering is everything. A good monitoring and screening transactions solution is vital. We must do it better every year, every month, and every day. Because the world changes every day,” said Célia Pizzi, Chief Compliance Officer of Travelex Bank in Brazil.
According to Pizzi with new AML tech from ThetaRay, Travelex can now transact 30,000 clients per minute. “As a result, using ThetaRay, we can now grow our business by 30 to 40%,” she said.
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In the proof-of-concept for Travelex, which took only three days, false positives were reduced from three or four thousand to only hundreds.
“Travelex Bank is leading the way in transforming its AML operations with advanced technology that is suited for unpredictable, and changing global financial conditions,” said Mark Gazit, CEO of ThetaRay. “We are proud and excited to build and expand our partnership with Travelex, and look forward to working together to grow the global financial system with innovative, lower-cost fintech services.”
SONAR is based on an advanced form of AI that makes better decisions with no bias or thresholds. It enables fintech 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 a 99% reduction in false positives compared to rules-based solutions.
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