ThetaRay, the leader in next-generation AI-powered transaction monitoring, sanctions screening, and customer risk assessment, announced today that PAPSS, the Pan-African Payment and Settlement System, selected ThetaRay as its Anti-Money Laundering (AML) and screening partner as it works to revolutionize the settlement of cross-border payments in Africa, estimated to be valued at over $200b.

“As PAPSS rapidly scales to spur economic growth and prosperity across Africa, it is critical we ensure financial crimes are effectively managed and malicious persons can’t take advantage of legitimate transaction routes,” said Mike Ogbalu, CEO of PAPSS. “ThetaRay’s AI-powered AML solution is uniquely suited for this challenge given its accuracy and efficiency to empower a high level of trust both of transactions and the people making them.”

Established in 2022, PAPSS is a cross-border, financial market infrastructure enabling payment transactions across Africa as part of the implementation of the African Continental Free Trade Agreement (AfCFTA). PAPSS is the brainchild of African Export-Import Bank (Afreximbank), Africa’s pre-eminent trade finance institution, whose mission includes stimulating the expansion, diversification, and development of African trade.

“Enabling efficient and effective growth of cross-border payments is fundamental to Africa’s overall economic development but requires building a trusted AML regime to underpin it” said Peter Reynolds, CEO of ThetaRay. “We’re excited to partner with PAPSS and support its mission to build a modern and secure financial network across Africa. We know it is absolutely possible to make African cross-border payments faster, cheaper, more transparent and inclusive, while maintaining safety, security and trust. ”

ThetaRay’s cloud-based transaction monitoring, screening, and due diligence solutions utilize proven unsupervised and semi-supervised AI to provide best-in-class financial crime-fighting technology to fintechs, and banks around the world including Santander, Travelex, Payoneer, Onafriq (previously MFS Africa) and more. The technology enables dozens of financial institutions to expand their risk coverage, grow their business, increase revenues, improve customer satisfaction, and reduce compliance costs.