Spanish FinTech platform Divilo has announced a collaboration with AI-powered transaction monitoring company ThetaRay to boost its fraud protection.

The duo will work together to protect Divilo’s services against money laundering, sanctions violations and other financial crimes.

ThetaRay will provide Divilo with its SONAR solution, SaaS-based AML transaction monitoring and sanctions list screening platform for domestic and cross-border payments. The SONAR platform can detect the earliest signs of sophisticated money laundering activity, allowing Divilo to provide a trusted and reliable payment service as it expands internationally.

SONAR makes use of AI intuition, which replaces human bias and gives the system the power to recognise anomalies and find unknowns outside of normal behaviour. It also allows firms to implement a risk-based approach to effectively identify suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths.

Divilo founder and CEO Juan Guruceta said, “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.

“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 supplies SMEs and the self-employed with a variety of financial products, such as cards and transfers. It also offers solutions to manage payments through mobile phones, using PINs or QR codes.

ThetaRay raised $31m in funding back in 2021. The capital was supplied by Benhamou Global Ventures, Saints Fund, ThetaRay backers OurCrowd, Bank Hapoalim and SBT.


Fintech Global 

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