TangoPay has partnered ThetaRay AI solutions to monitor global remittances. They will collaborate to protect TangoPay’s global payments platform from financial crimes..

TangoPay enables expats living in the UK access to fast and affordable financial services to transfer their money abroad. This is done through its app-based service to 70+ countries. Through the agreement, TangoPay will implement ThetaRay’s cloud-based SONAR solution to monitor and detect financial crime risk. This includes new and sophisticated money-laundering and terrorist financing schemes.

The growing importance of remittances

Remittances are an important method of bringing money into low-income countries and unbanked communities. The total global volume expected to surpass $840bn in 2024. It can also be used as a conduit for financial crime for illicit funds.

As TangoPay scales its business to handle larger volumes of transactions, it needed to adopt a highly automated solution to replace its rules-based monitoring solution. One that could keep up with evolving compliance demands and enable it to deliver a trusted service.

Basir Sangerwal, CEO of TangoPay, said: “TangoPay’s acquisition of ThetaRay’s technology will provide it with unique advanced analytics and machine learning capabilities that help address the complex challenges of the remittance industry. With our growing customer base we must have a reliable and effective solution to detect potential risks and threats without compromising the quality of service. We are confident that this collaboration will help us to improve our services and provide our customers with a secure and trusted way to send and receive money.”  

Some 3.96 million non-UK nationals work in the UK with a year-over-year growth rate of 7%, according to UK government figures. More than $10bn in remittances are estimated to be transferred from the UK every year. This is primarily to key corridors including India, Nigeria, Ghana, Pakistan, China, and the Philippines. 

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