Dubai fintech Now Money uses ThetaRay to combat fraud

Dubai-based Now Money has turned to Israeli fintech ThetaRay to monitor cross-border payments across GCC nations.

The provider of mobile banking solutions will use ThetaRay’s cloud-based SONAR anti-money laundering tool.

This solution uses artificial intelligence (AI) technology to detect anomalies and offers combined transaction monitoring and sanctions list screening.

It allows financial services providers to implement a risk-based approach to flag suspicious activity and offer a complete picture of customers’ identities, across “complex cross-border transaction paths”.

This helps reveal known and unknown money laundering risks and is claimed to reduce false positives by up to 99% compared to rules-based technologies.

With this move, Now Money aims to protect against money laundering and financial crime on the payment platform.

The firm, which focuses on financial inclusion, claims to facilitate cross-border money transfers at the lowest exchange rates.

NOW Money CEO Noel Connolly said: “There is a huge opportunity in the Gulf to provide mobile banking and financial education to millions of people who are unbanked or underserved. Our mission is to create a world where everyone has immediate and equal access to financial services they can and want to use.

“ThetaRay’s AI technology using advanced machine learning will enable NOW Money to process unlimited volumes of transactions, expand its business into high-risk areas and gain the trust of financial partners and regulators around the world.”

The latest development shows ThetaRay’s expansion into GCC financial institutions, marking another important move since the ratification of the Abraham Accords signed in September 2020.

The Abraham Accords aim to normalize relations between Israel and the United Arab Emirates, Bahrain, Sudan, and Morocco.

ThetaRay CEO Mark Gazit said: “A Gulf fintech choosing AI technology from ThetaRay marks another milestone in the Abraham deal. We look forward to accelerating our collaboration with more financial institutions in the region.”

In October 2022, digital payment network MFS Africa partnered with ThetaRay to protect its services from financial crime.

Earlier this year, PMI Américas partnered with ThetaRay to combat fraud.