AI-powered cybersecurity firm ThetaRay is teaming up with omnichannel B2B payments startup Qolo to detect and prevent financial crimes across Qolo’s full range of curated payment services.
“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 press release on Tuesday (May 3).
“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,” Montesi added.
Under the agreement, Qolo will integrate ThetaRay’s SONAR anti-money laundering (AML) SaaS solution to monitor transactions. Worker disbursements, multi-currency business processing and more will be monitored across Qolo’s platform for new and existing clients.
Launched in 2018 and headquartered in Fort Lauderdale, Florida, Qolo is a first-party core payment provider that is the “first and only 100% cloud-based issuing processor,” according to the release. The startup is striving to enhance the future of payments and offers its clients a seamless experience with comprehensive functionality, improved economics, and quicker time to market.
Mark Gazit, CEO of ThetaRay, said his firm will work with Qolo to “drive innovation in the FinTech market” and elevate trust in the global financial landscape.
“ThetaRay’s advanced AI will enable Qolo to better detect criminal behavior and increase client profitability,” Gazit said.
Headquartered in Tel Aviv, Israel and New York, and co-founded in 2013 by CTO Amir Averbuch, ThetaRay’s SONAR detects anomalies across multiple payment data sources, including AML activity across complex paths.