ThetaRay will provide MFS Africa its Software-as-a-Service (SaaS) solution, Sonar, which includes an artificial intelligence (AI) led anti-money laundering (AML) transaction monitoring and sanctions list screening.
It says the solution helps to “effectively identify truly suspicious cases” with a 95% detection rate and up to 99% reduction in false positives compared to rules-based solutions. As a restyle, the solution also improves customer satisfaction, reduces compliance costs and increases risk coverage, ThetaRay says.
“As MFS Africa continues to expand its business across Africa and focuses on enabling new use-cases, ThetaRay’s advanced platform assures the company an efficient and effective solution that can support our increasing payment volumes, while reducing exposure to risk from financial crimes,” says Patrick Gutmann, managing director of MFS Africa.
