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.

“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.