TangoPay, an authorised payment institution headquartered in the UK, has joined forces with ThetaRay, a provider of next-generation AI-powered secure global payments solutions.

This collaboration aims to enhance the security of TangoPay’s global payments platform against financial crimes, particularly as the UK-based business experiences rapid growth.

TangoPay specialises in offering fast and affordable financial services to expatriates living in the UK, facilitating the transfer of funds to over 70 countries through its app-based platform.

As part of this partnership, TangoPay will integrate ThetaRay’s cloud-based SONAR solution into its operations to proactively monitor and identify financial crime risks, including emerging and sophisticated money-laundering and terrorist financing schemes.

While remittances are a vital means of channeling funds into low-income countries and underserved communities, they can also serve as conduits for illicit financial activities.

As TangoPay expands its operations to handle increasingly larger transaction volumes, the need for a highly automated solution became evident. This transition from a rules-based monitoring system to ThetaRay’s advanced technology is essential to meet evolving compliance requirements and deliver a secure and trusted service.

TangoPay CEO Basir Sangerwal 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 and increasing transaction volumes, 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.”

According to UK government statistics, there are approximately 3.96 million non-UK nationals working in the country, with an annual growth rate of 7%. The UK is a significant source of remittances, estimated at over $10bn each year, with primary corridors including India, Nigeria, Ghana, Pakistan, China, and the Philippines.

ThetaRay’s cloud-based transaction monitoring and screening system harnesses proprietary AI technology, eliminating human bias and providing precise oversight of financial transactions. It empowers fintech companies and banks to implement a risk-based approach, effectively identifying genuinely suspicious activities and constructing comprehensive customer identity profiles, even in complex cross-border transactions.

SONAR enables rapid detection of both known and previously unidentified money laundering threats, resulting in up to a 90 percent reduction in false positives compared to traditional rules-based solutions.

As TangoPay continues its journey to facilitate seamless international money transfers, this strategic partnership with ThetaRay signifies a pivotal step in fortifying the security of their global payments platform in an ever-evolving financial landscape.

ThetaRay CEO Peter Reynolds said: “TangoPay’s mission is to broaden financial inclusion through innovative and accessible digital services that remove barriers for low-income earners and the unbanked.

“To achieve that goal, TangoPay requires world-class financial crime-fighting technology that can ensure easy, efficient and trusted transactions around the world. ThetaRay’s sophisticated artificial intelligence solution will enable TangoPay to grow its revenue, ensure a high level of customer service and win the trust of banks, fintechs and regulators.”