Dubai-based NOW Money Chooses ThetaRay AI Tech to Prevent Financial Crimes in Inclusive Banking App

The deal marks the expansion of the ThetaRay AI SaaS solution into the GCC fintech community

DUBAI, UAE & NEW YORK & TEL AVIV, Israel, December 14, 2022–(BUSINESS WIRE)–NOW Money, GCC’s first mobile banking solution focused on financial inclusion, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced a collaboration to implement ThetaRay’s cloud-based AML solution Known for monitoring cross-border payments and assisting in the prevention of financial crime and money laundering on the fintech’s payments platform.

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NOW Money including banking app (Photo: Business Wire)

NOW Money chose ThetaRay’s advanced SONAR money laundering solution with combined transaction monitoring and sanctions list screening to stay one step ahead of financial crime by detecting both known and unknown money laundering crimes and preventing attempts to violate sanctions in real time.

The new partnership is crucial as the number of remittances from abroad continues to grow, with the value of remittances from the UAE amounting to Dh2.88 trillion* (US$780 billion) in the first quarter of 2022.

The agreement underscores ThetaRay’s expansion into GCC financial institutions amid continued implementation of the Abraham Accords signed in September 2020 to normalize relations between Israel and the United Arab Emirates, Bahrain, Sudan and Morocco.

Founded in 2016, NOW Money provides mobile banking services to workers of all income levels who may have previously been overlooked and underserved. Financial inclusion is at the heart of NOW Money to enable equal access to financial services.

NOW Money gives all customers access to its mobile banking app and offers low-cost financial services including local and international mobile top-ups, using the Visa contactless card for online and card transactions, and cross-border money transfers at the lowest exchange rates they can send money home to their families .

“There is a tremendous opportunity in the Gulf to bring mobile banking and financial education to millions of unbanked and underserved people. to use,” said Noel Connolly, CEO of NOW Money. “ThetaRay’s AI technology, leveraging advanced machine learning, will enable NOW Money to process unlimited transaction volumes, expand business into high-risk areas, and build trust from to attract financial partners and regulators worldwide.”

International money transfers are an important way to bring money to low-income, unbanked countries and communities. However, these countries can represent a high proportion of high-risk countries and remittances can be viewed as a potential financial crime channel for illicit funds.

“We are honored to partner with GCC fintech leader NOW Money to inspire confidence in the rapidly changing world of digital finance and make the world a better place by addressing financial injustices against migrant workers,” said Mark Gazit , CEO of ThetaRay. “A golf fintech choosing ThetaRay AI technology marks another milestone in the Abraham Accords. We look forward to accelerating collaborations with additional financial institutions in the region.”

ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, which replaces human bias and gives the system the ability to detect anomalies and find the unknown outside of normal behavior, including entirely new typologies. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and build a complete picture of customer identities, even across complex, cross-border transaction paths. This enables rapid detection of both known and unknown money laundering threats and up to a 99 percent reduction in false positives compared to rules-based solutions.

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About NOW money

NOW Money partners with GCC companies as a payroll service. Every company gets the easy-to-use NOW Money payroll portal, and every employee gets a NOW Money account and the NOW Money App, which allows them to transfer money abroad safely, quickly and cheaply.

NOW Money has won over 20 international financial inclusion awards and is backed by the world’s best-known fintech venture capital funds, banks and regulators.

To learn more about NOW Money, visit or follow us on Twitter and LinkedIn.

About ThetaRay

ThetaRay’s AI-powered SONAR transaction monitoring solution, powered by “intuition of artificial intelligence”, enables banks and fintechs to expand their business opportunities and increase their revenues through trustworthy and reliable cross-border payments. The breakthrough solution also improves customer satisfaction, reduces compliance costs and increases risk coverage. Financial organizations that rely on very heterogeneous and complex ecosystems benefit greatly from ThetaRay’s unmatched low false positive and high detection rates.

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