Spain-based fintech upgrades to advanced AI-based system to gain sophisticated detection capabilities for money-laundering and sanctions list violations

Divilo, a Spain-based fintech providing B2B financial services, and ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced they will collaborate to protect Divilo’s growing services against money laundering, sanctions violations, and other financial crimes.

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Divilo provides financial products developed to facilitate collection for SME companies and the self-employed. (Photo: Business Wire)

Through the agreement, ThetaRay will provide Divilo its SONAR solution, a SaaS-based AML transaction monitoring and sanctions list screening platform, for domestic and cross-border payments. Divilo provides 100% digital financial services to SMEs and the self-employed.

ThetaRay’s advanced SONAR system can detect the earliest signs of sophisticated money laundering activity, allowing Divilo to provide a trusted and reliable payment service as it expands internationally.

“As consumers continue to adopt digital payments and reduce cash transactions, Divilo is on a mission to transform payment and collection by providing greater agility, a better user experience, high-security measures, transparency, and simplicity,” said Juan Guruceta, Divilo founder and CEO. “Using ThetaRay’s AML solution, we will be able to grow our network of relationships and increase business internationally with the assurance that next-generation AI detection will provide enhanced coverage and highly accurate alerts to allow businesses to focus on what really matters”.

Divilo is a Spanish fintech offering financial products developed to facilitate collection for SME companies and the self-employed. This company has traditional solutions, such as cards and transfers, but also offers solutions to manage payments through mobile phones, using PINs or QR codes. Last year, Divilo launched Diveep, a solution that allows charging via a mobile phone by tapping a card or another mobile phone.

“Divilo is a fintech leader providing valuable and innovative payment solutions that are growing the global financial system,” said Mark Gazit, CEO of ThetaRay. “ThetaRay is thrilled to provide Divilo with technology that instills trust into cross-border payments, enabling revenue growth by opening doors to business with new customers and financial partners. Our advanced AI solution also makes the entire process of transaction monitoring much more efficient and effective, while improving customer satisfaction, reducing compliance costs, and increasing risk coverage with safe and secure payments.”

ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias, giving the system the power to recognize anomalies and find unknowns outside of normal behavior, including completely new typologies. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. This allows the rapid discovery of both known and unknown money laundering threats, and up to 99 percent reduction in false positives compared to rules-based solutions.

About Divilo

Divilo is a payments entity registered in the Bank of Spain with Lic. No. 6905 that offers a 360º solution in payments, collections and accounting to companies and freelancers. Founded in January 2020 by Juan Guruceta, it is a Principal Member of VISA and has a multidisciplinary team of 27 people with extensive experience in the fields of technology, finance and regulatory compliance.

The technological revolution has led to a process of digitalization of the economy that has resulted in the birth of a generation of entities that offer 100% digital financial services. This is the case of the well-known Fintechs, which have a more competitive, convenient, and agile structure compared to traditional banking, in which users benefit from greater agility and a better user experience, high security measures, transparency and simplicity in procedures, among others.

About ThetaRay:

ThetaRay's AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows banks and fintechs to expand their business opportunities and grow revenues through trusted and reliable cross-border payments. The groundbreaking solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay's unmatchable low false positive and high detection rates.

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