ThetaRaythe leader in next-generation AI-powered transaction monitoring, penalty screening and customer risk assessment, today announced that PAPSSthe Pan African Payment and Settlement System, has chosen ThetaRay as its own Anti Money Laundering (AML) and audit partner as it works to revolutionize the settlement of cross-border payments in Africa, estimated to be valued at over $200 billion.
Details
Established in 2022, PAPSS is a cross-border financial market infrastructure that enables payment transactions across Africa as part of the implementation of African Continental Free Trade Agreement (AfCFTA).
PAPSS is the brainchild of the African Export-Import Bank (Afreximbank), Africa’s preeminent trade finance institution whose mission includes stimulating the expansion, diversification and growth of African trade.
Digging deeper
ThetaRay’s cloud-based transaction monitoring, auditing and due diligence solutions use proven unsupervised and semi-supervised artificial intelligence to deliver best-in-class anti-financial crime technology to fintechs and banks around the world, including Santander, Travelex, Payoneer, Onafriq (formerly MFS Africa) and many more.
Technology enables dozens of financial institutions to expand risk coverage, grow their business, increase revenue, improve customer satisfaction and reduce compliance costs.
What they say
“As PAPSS is rapidly scaled up to boost economic growth and prosperity across Africa, it is important to ensure that financial crimes are effectively tackled and malicious individuals cannot exploit legitimate trade routes,” he said Mike Ogbalu, Chief Executive Officer of PAPSS.
“ThetaRay’s AI-powered AML solution is uniquely suited to this challenge, given its accuracy and efficiency to empower a high level of trust in both the transactions and the people making them.”
“Enabling the efficient and effective growth of cross-border payments is fundamental to Africa’s overall economic growth, but requires building a credible AML regime to support it” he said Peter ReynoldsCEO of ThetaRay.
“We are excited to partner with PAPSS and support its mission to build a modern and secure financial network across Africa. We know that it is absolutely possible to make African cross-border payments faster, cheaper, more transparent and inclusive while maintaining safety, security and trust. “
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