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May 11, 2022

PMI Américas turns to ThetaRay to ensure fraud-free transactions

Payment services provider PMI Américas has teamed up with ThetaRay, which provides AI-based transaction monitoring technology, to ensure fraud-free transactions

As part of the tie-up, PMI will leverage ThetaRay’s SONAR SaaS solution to monitor global cross-border payments on its platform.

PMI facilitates cross-border payments for Latin America, including considerable transactions from the US, Europe and Asia into Latin America.

ThetaRay’s SONAR is designed to identify the earliest signs of sophisticated money laundering activity.

It will allow the firm to verify that processed transactions are isolated from any illegal activity without compromising the quality of service offered to customers.

The partnership follows ThetaRay’s recent entry into the Latin America fintech payments market.

PMI Américas CEO and founder Alex Pereira said: “In the highly regulated ecosystem where we operate, it is important that our regulators and financial partners understand that we will always invest in state-of-the-art technology to protect our mutual interests. ThetaRay is one such example of PMI’s commitment to build a reliable and fraud-free ecosystem.”

ThetaRay helps secure users against the risk of being victims to money laundering, terrorist financing, narco-trafficking and human trafficking by providing full visibility to banks and fintechs across cross-border transaction paths.

ThetaRay CEO Mark Gazit said: “We are proud to help PMI Américas tap new revenue streams and provide its B2B and P2P clients with practical, secure, and reliable payments processing.”

“SONAR doesn’t just protect against money laundering threats. It also allows fintechs and banks to improve customer service and reduce financial inequality by offering services in traditionally unbanked regions,” Gazit added.

Last year, ThetaRay partnered with Google Cloud to strengthen protection for financial firms against money laundering activity related to cross-border transactions.

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