ThetaRay AI Tech to monitor remittance transactions in Africa for Zeepay

Ghanaian fintechs choose SONAR SaaS solution to detect financial crimes, increase financial inclusion and support growth

Accra, Ghana and London and Tel Aviv, Israel, November 22, 2022– (working wire) –Thetraithe leading provider of AI-powered transaction monitoring technology, announced today ZipayA rapidly growing mobile financial services company in Ghana has selected ThetaRay’s advanced SONAR SaaS anti-money laundering solution to detect financial crimes for money transfer transactions.

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Andrew Takei Appiah, Managing Director of Zipay (Photo: Business Wire)

The agreement with Zeepay highlights ThetaRay’s expansion into the African payments market.

Remittances are an important way to bring money into low-income countries and unbanked communities. However, it can also be used as a financial crime channel for illegal funds. With remittances making up the majority of Zeepay’s business, the company needed to replace its previous rules-based monitoring solution with an AI-based one capable of spotting the first signs of even the latest and most sophisticated financial crime schemes.

“Artificial intelligence technology that has the potential to prevent financial crime is essential for fintech companies like Zeepay, and it is a growing necessity,” said Andrew Takei Appiah, Managing Director of Zeepay. “With its outstanding features and functionality, ThetaRay sonar is the right choice for our business.”

Kwame Bah-jima, Head of Compliance at Zeepay added: “ThetaRay has a smooth user interface that offers intuitive and dynamic features. Its AI feature helps improve actionable alerts by reducing false alerts related to remittance transactions.”

SONAR is based on an advanced form of artificial intelligence that makes better decisions without bias or thresholds. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and build a complete picture of customers’ identities, including across complex cross-border transaction paths. This enables rapid detection of both known and unknown money laundering threats, with up to 99% fewer false positives compared to rule-based solutions.

“Zeepay is leading the African fintech market while truly making the world a better place by offering low-cost services to underserved areas,” said Marc Gazette, CEO of ThetaRay. “A company doesn’t have to worry about exploiting its technology while enabling foreign workers to send money home to their families. We are proud to offer an AI solution that can stop criminals in their tracks so Zeepay can continue to promote financial inclusion and grow its business.”

About Zeepay
Zeepay is the fastest growing mobile financial services company across Africa, with operations in Ghana, the UK and termination agreements in 20 countries across Africa, with termination agreements in over 90 jurisdictions globally. It specializes in finalizing transfers in mobile wallets and is completely network and partner agnostic.

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About ThetaRay
ThetaRay’s AI-powered Transaction Monitoring Sonar solution, based on ‘AI intuition’, allows banks and financial firms to expand their business opportunities and increase revenue through trusted and reliable cross-border payments. The leading solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial institutions that rely on highly variable and complex ecosystems benefit greatly from ThetaRay’s unparalleled low false positive and high detection rates.

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Nina Gilbert, ThetaRay

Leticia Brown, Zipay
Head of Markets, Inclusion, and Advocacy

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