THETARAY, a frontrunner in next-generation AI-powered transaction monitoring and risk assessment, has been selected by the Pan-African Payment and Settlement System (PAPSS) as its Anti-Money Laundering (AML) and screening partner. PAPSS, tasked with revolutionising cross-border payments in Africa, aims to enhance its financial crime management capabilities with ThetaRay’s advanced technology.
Mike Ogbalu, CEO of PAPSS, emphasised the importance of effectively managing financial crimes as the organisation scales to drive economic growth in Africa. ‘ThetaRay’s AI-powered AML solution is uniquely suited for this challenge,’ Ogbalu stated, highlighting the solution’s accuracy and efficiency in fostering trust in transactions and individuals.
Established in 2022, PAPSS serves as a cross-border financial market infrastructure facilitating payment transactions across Africa, aligning with the goals of the African Continental Free Trade Agreement (AfCFTA). The initiative, spearheaded by the African Export-Import Bank (Afreximbank), aims to stimulate trade expansion and economic development across the continent.
Peter Reynolds, CEO of ThetaRay, underscored the importance of building a trusted AML regime to support the growth of cross-border payments in Africa. ‘We’re excited to partner with PAPSS and support its mission to build a modern and secure financial network across Africa,’ Reynolds commented.
ThetaRay’s cloud-based solutions utilise advanced AI technology to provide unparalleled financial crime-fighting capabilities to fintechs and banks worldwide. The partnership with PAPSS signifies a significant step towards enhancing trust, transparency, and security in cross-border transactions in Africa, aligning with the organisation’s mission to facilitate faster, cheaper, and more inclusive payments across the continent.