Ontop chooses ThetaRay’s SONAR AML Solution to Identify Threats From Financial Crime

One of the top suppliers of AI-powered transaction monitoring technology, ThetaRay, today announced that Ontop, a FinTech platform reshaping the future of work, has chosen ThetaRay’s cutting-edge SONAR anti-money laundering (AML) solution to track and identify both known and unidentified financial crime threats.

Mark Gazit, CEO of ThetaRay, said, “Ontop is a global leader in the new digital economy that is creating financial opportunities for companies and people through remote work. “We are proud to partner with an innovative fintech that is helping remove barriers in the financial world. ThetaRay AI tech will give Ontop the ability to process payroll transfers smoothly and quickly, meet any regulatory compliance requirements, and win the trust of business partners.”

ThetaRay’s SONAR solution is based on a proprietary type of AI called artificial intelligence intuition, which eliminates human bias and gives the system the ability to detect anomalies and discover unknowns outside of typical behaviour, including completely new typologies. It makes it possible for banks and FinTechs to implement a risk-based strategy to efficiently identify suspicious activity and build a complete picture of customer identities, including across intricate, international transaction paths. In comparison to rules-based solutions, this enables the quick identification of both known and unidentified money laundering threats and a reduction in false positives of up to 99%.

Julian Torres, Chief Strategy Officer and Co-Founder of Ontop, said, “The biggest pain points in cross-border payments are high costs and a lack of speed and transparency. The next-gen AI solution from ThetaRay will give our business confidence by covering known and unknown crime typologies. The machine learning will also deliver operational efficiency and help customer satisfaction by reducing false positives and more accurately identifying truly suspicious cases.”

Wizz Air and Worldline Enters into a Payment Partnership

 Worldline, a French provider of payment services, and Wizz Air have announced their payment partnership. As it has done for several diverse airlines in the industry, Worldline will use the agreement to implement its payment services solution to meet Wizz Air’s needs.

Damien Cramer, Global Head of Travel & Airlines, Digital Commerce at Worldline, said, “We are proud that an organization as ambitious as Wizz Air has selected Worldline to be their partner of choice in meeting their payment requirements. Our secure and cutting-edge TravelHub payment solution, in conjunction with our highly experienced team of payment experts, will help them achieve the success to which they aspire.”

Wizz Air will gain from Worldline’s TravelHub solution, which offers access to more than 150 payment methods and currencies, multi-acquiring, tokenization, and a variety of fraud prevention services through a single reporting and settlement channel.

Wizz Air’s growth will be supported by TravelHub, which will also give it access to numerous acquirers and payment services, including local payment options. Worldline intends to assist Wizz Air in balancing and reducing the risks and difficulties that have surfaced recently throughout the industry. As part of the agreement, Worldline will process Wizz Air’s flights across Europe.

Tamas Szegedi, Senior Treasury Back Office Manager, Wizz Air, said, “We are looking forward to our future cooperation with Worldline, to continue building our robust and flexible payment infrastructure, ultimately supporting a seamless payment processing and customer experience for our customers, and supporting payment and finance processes. Our goal is to enable the best possible payment infrastructure and options with the most resilient and effective features and providers, which fits well with our strategy to improve efficiency in all possible areas, including payment processing.”