Qolo and ThetaRay have announced a partnership to integrate AI-powered transaction monitoring into Qolo’s omnichannel payment platform, the companies announced.
With the agreement, Qolo will use ThetaRay’s anti-money laundering (AML) software to monitor all transactions, including worker disbursements, gift card processing, multicurrency business processing and more.
“We are dedicated to enabling fast, agile and secure payment solutions in the name of future-proofing our clients,” Patricia Montesi, Qolo CEO, said in a news release. “ThetaRay’s solution reduces false-positive alerts while identifying the earliest signs of true money-laundering activity, helping further our commitment to remove pain points historically found in the industry and better establish trust for this next generation of innovators.”
The addition of ThetaRay’s SONAR technology comes less than a year after Qolo announced it had closed a $15 million Series A funding round. ThetaRay’s proprietary machine-learning methodology boasts a 95 success rate in delivering investigation-worthy alerts, the companies said in the news release.
“We look forward to working with Qolo to drive innovation in the fintech market and build a network of trust in today’s growing global financial ecosystem,” Mark Gazit, CEO of ThetaRay, said in the release. “ThetaRay’s advanced AI will enable Qolo to better detect criminal behavior and increase client profitability.”