ThetaRay, a provider of transaction monitoring technology powered by artificial intelligence, has partnered with US InsurTech Piie to implement an anti-money laundering (AML) solution for insurance claim payments.
Piie will incorporate ThetaRay’s AI-driven SONAR transaction monitoring AML solution after the collaboration. On its payments-as-a-service platform, which includes support for mobile applications, it monitors and finds anomalies pointing to suspected financial crime. SONAR is made to assist banks and FinTech in implementing a risk-based strategy to efficiently spot actual suspicious activity.
The advanced SONAR solution from the Israeli RegTech was chosen by the FinTech platform Ontop in December to track and identify threats related to both known and unidentified financial crime.