now moneyGCC mobile banking solutions focused on financial inclusion, and Theta RayAI-powered transaction monitoring technology provider collaborated to implement ThetaRay’s cloud-based AML solution. Monitor cross-border payments and help prevent financial crime. Specifically, money laundering on fintech payment platforms.
NOW Money uses ThetaRay’s combined transaction monitoring and sanctions list screening to stay ahead of financial crime by uncovering known and unknown money laundering crimes and preventing sanctions violation attempts in real time. We chose the advanced SONAR anti-money laundering solution. .
New partnerships are essential as the value of remittances from the United Arab Emirates continues to rise and the number of overextensive remittances continues to grow. Dh2.88 trillion ($780 billion) in Q1 2022.
Our mission is to create a world where everyone has instant and equal access to the financial services they want to use. Noel Connolly
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.
gain trust
NOW Money gives all customers access to mobile banking apps. We offer low-cost financial services such as local and international mobile recharges, contactless Visa card usage for online and card transactions, and cross-border money transfers at the lowest exchange rates. As a result, customers can send money to family members at home.
Noel connollyNOW Money CEO said:

The Gulf States have a huge opportunity to bring mobile banking services and financial education to millions of unbanked or underserved people. It is about creating a world where everyone has instant and equal access to the financial services they want to use.
ThetaRays AI technology using advanced machine learning will enable NOW Money to handle unlimited trading volumes. can earn the trust of
Pros and cons of moving money across borders
International remittances are an important way of sending money to low-income countries and unbanked communities. However, these countries may represent a high percentage of high-risk jurisdictions. As a result, remittances can be viewed as a potential vector for financial crime with illicit funds.

We are honored to partner with GCC Fintech Leader NOW Money to build trust in the rapidly changing world of digital finance. Our goal is to end financial injustice for migrant workers. , to make the world a better place. mark GadgetCEO of ThetaRay.
The Gulf fintech company choosing AI technology from ThetaRay marks another milestone for Abraham Accord. We look forward to accelerating our cooperation with other financial institutions in the region.
ThetaRay’s SONAR solution is based on a unique form of AI, artificial intelligence intuition. It replaces human bias and empowers systems to recognize anomalies and spot the unknown outside of normal behavior. This includes an entirely new typology.
This allows fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity. Additionally, it creates a complete picture of the customer’s identity, including complex cross-border transaction paths. This allows for quick discovery of known and unknown money laundering threats. The result is his 99% reduction in false positives compared to rule-based solutions.