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Dubai-Based NOW Money Adopts ThetaRay AI Tech to Prevent Financial Crime on Inclusive Banking App

Transaction Marks Expansion of ThetaRay AI SaaS Solution to GCC Fintech Community

Dubai, United Arab Emirates & New York & Tel Aviv, Israel, December 14, 2022–(BUSINESS WIRE)–NOW Money, GCC’s first mobile banking solution focused on financial inclusion, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced ThetaRay announced a collaboration to implement and monitor its cloud-based AML solution. Support in cross-border payments and prevention of financial crime and money laundering on fintech payment platforms.

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NOW Money Inclusive Banking App (Photo: Business Wire)

NOW Money chooses ThetaRay’s advanced SONAR anti-money laundering solution that combines transaction monitoring and sanctions list screening to uncover known and unknown money laundering crimes and prevent sanctions violation attempts in real-time Staying one step ahead of financial crime.

With remittances from the UAE reaching Dh2.88 trillion (US$780 billion) in Q1 2022 and the number of cross-border remittances continuing to grow, new partnerships are essential.

The agreement supports ThetaRay’s expansion in GCC financial institutions, amid the continued realization of the Abraham Accords signed in September 2020 to normalize relations between Israel and the UAE, Bahrain, Sudan and Morocco. I am emphasizing.

Founded in 2016, NOW Money provides mobile banking services to workers of all income levels who may have been previously overlooked and underserved. Financial inclusion is at the heart of NOW Money, providing equal access to financial services.

NOW Money offers all customers access to a mobile banking app, enabling domestic and international mobile recharges, use of contactless Visa cards for online and card transactions, cross borders at the lowest exchange rates ever. provide low-cost financial services such as remittances. You can send money to your family members who have returned home.

“There is a huge opportunity in the Gulf States to bring mobile banking services and financial education to millions of unbanked or underserved people. It’s about creating a world where people have instant and equal access to the financial services they can and want to use,” said Noel Connolly, CEO of NOW Money. “With his ThetaRay AI technology using advanced machine learning, NOW Money will be able to process unlimited volumes of transactions, expand its business into high-risk areas, and earn the trust of financial partners and regulators around the world. can be obtained.”

International remittances are an important way of sending money to low-income countries and unbanked communities. However, these countries may have a high percentage of high-risk jurisdictions, and remittances may be viewed as a potential conduit for financial crime of illicit funds.

ThetaRay CEO Mark Gazit said: “Gulf fintech companies that have chosen ThetaRay’s AI technology reach a new milestone with the Abraham Accords. We look forward to accelerating our cooperation with other financial institutions in the region.”

ThetaRay’s award-winning SONAR solution is based on artificial intelligence intuition, a unique form of AI that replaces human prejudice to recognize anomalies in the system and detect unknowns beyond normal behavior, including entirely new typology. It gives you the power to find things. This allows fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a complete picture of their customers’ identities, including complex cross-border transaction paths. It can quickly uncover known and unknown money laundering threats and reduce false positives by up to 99% compared to rule-based solutions.

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About NowMoney

NOW Money works with GCC companies as a payroll service. Every company receives the easy-to-use NOW Money payroll portal and every employee receives his NOW Money account and NOW Money app. This allows you to send money overseas safely, quickly and at low cost.

NOW Money has won over 20 awards for financial inclusion internationally and is backed by some of the world’s most prestigious fintech venture capital funds, banks and regulators.

For more information about NOW Money, visit or follow us on Twitter and LinkedIn.

About Sea Taray

ThetaRay’s AI-powered SONAR transaction monitoring solution is based on “artificial intelligence intuition” and enables banks and fintechs to expand business opportunities and grow revenue through trusted cross-border payments. Innovative solutions also improve customer satisfaction, reduce compliance costs, and increase risk coverage. Financial institutions that rely on highly heterogeneous and complex ecosystems greatly benefit from ThetaRay’s unmatched low false positive and high detection rates.

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Nina Gilbert, ThetaRay

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