ThetaRay, a provider of AI-powered transaction monitoring technology, has teamed up with US insurtech Piie to implement an anti-money laundering (AML) solution for insurance claim payments.
Following the collaboration, Piie will integrate ThetaRay’s AI-driven SONAR transaction monitoring AML solution. It monitors and detects anomalies pointing to suspected financial crime on its payments-as-a-service platform that includes mobile application support.
The SONAR solution is based on a proprietary form of artificial intelligence intuition. It replaces human bias, giving the system the power to recognise anomalies and find unknowns outside of normal behaviour, including completely new typologies.
SONAR is designed to help fintechs and banks implement a risk-based approach to effectively identify truly suspicious activity. It creates a full picture of customer identities, including across complex transaction paths. This allows the rapid discovery of both known and unknown money laundering threats, and 99 per cent reduction in false positives compared to rules-based solutions.
Mark Gazit, CEO of ThetaRay, says: “We are proud to partner with an insurtech that is focused on digital payments that enable companies to process insurance payments with lower costs and greater speed and accuracy.”
“Piie is revolutionising how payments are processed within the insurance sector as the financial industry undergoes a digital transformation that is improving the customer journey for insurance companies.”
Ritesh Kirad, CEO of Piie, added: “ThetaRay’s advanced AML monitoring capabilities complement Piie’s focus on a modern, secure payments architecture that reduces cost, improves efficiency, and delights policyholders.”
In December, fintech platform Ontop also selected the Israeli regtech‘s advanced SONAR solution to monitor and detect both known and unknown financial crime threats.