Apollo Fintech taps ThetaRay for Sonar AML monitoring tech

South Africa's Apollo Fintech has tapped ThetaRay for its AI-powered cross-border payments monitoring technology Sonar. The tech will be deployed to monitor and screen transactions on its new Knox Wire service, a bank-to-bank cross-border payments system. Apollo Fintech CEO Stephen McCullah says utilising ThetaRay's anti-money laundering (AML) solution will allow the firm "to expand our network of partner financial institutions". Knox Wire enables 30,000 financial institutions to offer their clients near-instant cross-border payments to over 200 countries in 150 currencies with lower transactions costs. "Knox Wire was built to set a new global standard for network size and settlement speed," McCullah adds.