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NewProducts
NewProducts

Smash financial crime with

keen cross-border intelligence

financial institutions. A solution like SONAR, which can
ingest data from a variety of formats, can help banks and
regulators identify suspicious transaction profiles and
unlock hidden insights, not only from SWIFT traffic but
across all major real-time and automated clearing house
(ACH) payment schemes, he stated. SONAR's cross-
functional data ingestion supports all major formats,
including RJE, API, CSV and XML, and its flexible, global
hetaRay, an AI-based data analytics provider, support and a simple subscription format make it simple to
launched SONAR, a solution designed to protect integrate and maintain, he added.
cross-border payments from financial crime by
T improving visibility across complex payment Advanced, inclusive technology
flows. The solution uses advanced algorithms to help
financial institutions and service providers mitigate risk SONAR, an AI-powered SaaS solution, offers configurable
of money laundering, terrorist financing and human and unsupervised, supervised and rules-based transaction
narcotics trafficking, according to Mark Gazit, CEO at monitoring, sanction screening and single case
ThetaRay. management, Hazan stated. It can analyze transaction
traffic, industry risk indicators and customer data to
Gazit called SONAR the new standard for trusted global detect anomalies indicating illicit activity across complex
transactions that enhances ThetaRay's technology suite and transaction paths.
correspondent banking solutions used by global financial
institutions. "SONAR provides an accurate assessment of Available as a cloud-delivered service, SONAR can help
risk and enables safe, secure cross-border payments for payment service providers (PSPs) and financial institutions
financial services providers and their partners," he said. accelerate new customer on-boarding while minimizing
"Best of all, it can be up and running within days, providing risk of being shut down by network providers, Hazan
immediate value." stated, adding that regulators, Tier 1 banks and PSPs are
currently using SONAR's full stack detection capabilities,
Gazit noted SONAR's algorithms were developed by which cover all major global risk typologies developed by
mathematics professors Amir Averbuch and Ronald banks and PSPs and include 60 risk indicators out of the
Coifman, stating the technologies can detect early-stage box.
and modern, sophisticated money laundering schemes.
Unlike other advanced security offerings, SONAR provides SONAR uses a phonetic fingerprint, a unique identifier that
a REST API designed to speed integration and deliver a fast converts names to numbers to optimize analysis, Hazan
ROI to help users improve the customer experience and stated, adding that the solution creates proxies of customers
reduce total cost of ownership, he added. to isolate high risk originator or beneficiary (non-customer)
activity to identify complex risk patterns. The solution can
Protect global commerce also translate 25 different languages in real time.
Yaron Hazan, vice president of regulatory affairs at Hazan went on to say that risk-averse banks may unwittingly
ThetaRay, was instrumental in developing SONAR, turn away good business. "Global financial institutions
leveraging his former experience with the Israeli police serve numerous customers in different countries, and when
and Price Waterhouse Cooper, where he led forensic they feel insecure, they turn away a lot of good business,"
investigations and developed anti-money laundering he said. "Their customers want to shop online and enjoy
(AML) strategies. financial inclusion with secure, cost-effective and fast
cross-border solutions."
"SONAR enhances ThetaRay's AML solution for
correspondent banking, which has long been used by
large global financial institutions such as Santander and
CecaBank to bolster their defenses," Hazan said. "Flexible
service models, which include SaaS, private cloud and on- Company: ThetaRay
premises deployments, enable us to provide the solution Product: SONAR
and power of the algorithm to smaller enterprises and not
just large global banks." Website: www.thetaray.com
Contact: info@thetaray.com
Hazan explained that cross-border payments are complex
because they involve disparate regions, currencies and
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