The new collaboration allows Sylq to acquire ThetaRay’s newly released AI customer screening solution. The move will help Sylq boost its digital onboarding process for KYB (Know Your Business) and KYC (Know Your Customer).

ThetaRay’s solution called SONAR, which is API-driven and AI-based, enables Sylq to introduce high automation to monitor transactions and screen merchants against sanctions lists, watchlists and third-party databases such as politically exposed persons (PEP) and adverse media.

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“We are on a mission to simplify business for French and European merchants by revolutionizing the payment offering”, said Daniel Maurice-Vallerey, CEO of Sylq. “ThetaRay’s sophisticated SaaS screening and transaction monitoring solution embeds a pre-built infrastructure that helps us optimize our workflow. The cloud-based architecture enables easy scalability as our business grows.”

ThetaRay AI: Company profile

ThetaRay is an Israeli-based company offering big data analytics solutions that help its clients monitor, identify and mitigate cyber-attacks.

In April, the company announced partnering with digital payment fintech VigiPay. The partnership saw VigiPay adopt ThetaRay’s SONAR AI solution, a cloud-based transaction monitoring and screening platform designed to detect the earliest signs of complex money laundering activity.

AI tools are becoming increasingly popular with banks and other financial institutions (FI) as cyber threats are rising and experts are trying to keep pace with the latest trends in digital security.

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Overall, the AI market will be worth $383.3bn in 2030, which implies a 21% compound annual growth rate between 2022 and 2030, according to GlobalData analysts.

“We are excited to announce our partnership with a leading European payment provider that is revolutionizing digital financial services, driving business growth, and fostering increased competition,” said Mark Gazit, CEO of ThetaRay. “With our advanced AI and machine learning technology, payment fintechs can instil trust in new financial partners by safeguarding their networks against money laundering and other financial crimes while improving customer experience and ensuring compliance with regulatory requirements.”