Tudi Selects ThetaRay to Monitor Domestic Payments in Mexico

As Mexico's financial system faces increased scrutiny from regulators seeking to combat financial crimes such as money laundering, Tudi, a mobile app financial services company, has taken proactive measures to comply with new FinTech oversight standards. In partnership with ThetaRay, Tudi is leveraging its SaaS anti-money laundering (AML) solution to monitor, detect and flag transactions that may be suspected of financial crime. By adopting this technology, Tudi aims to position itself as a trusted and secure payment service platform for its users. 

“Mexican regulators are requiring non-bank payment providers to operate sophisticated AML systems that can prevent money laundering. We were searching for a proven solution that would enable us to be compliant and stay one step ahead of developing AML scenarios in the country that challenge and risk our operations,” says Andrés Adame Guajardo, Vice President Product, Tudi. 

Tudi's one-stop application has been instrumental in facilitating the transition to cashless services in the Mexican payment market. A particularly relevant effort in Mexico, where only 37% of adults have bank accounts and just 32% have made or received digital payments, according to the World Bank. The app offers a comprehensive range of transactional services, including bill payments, money transfers, top-ups, entertainment services and government fees, all in one place. By providing a single, user-friendly platform for all these services, Tudi is solving the end-user transactional needs, making it easier for consumers to access and manage their finances.

The partnership with ThetaRay is a significant step for Tudi in combating money laundering and other financial crimes. ThetaRay's SONAR SaaS solution is an AI-powered transaction monitoring system that can detect the earliest signs of sophisticated financial crimes, including money laundering, narco-trafficking, terrorist financing and human trafficking by analyzing known and unknown crime patterns. SONAR's proprietary AI intuition technology replaces human bias and can recognize anomalies and new typologies outside of normal behavior, making it an effective tool for Tudi to combat financial crime and protect its users.

“ThetaRay’s technology will help us realize our vision to serve the unbanked in Mexico with low-cost and convenient digital financial services. The younger generations are not deterred by technology, and digital platforms will enable them to become stronger financial players, reduce the cash-based economy and increase economic prosperity through the use of modern financial services,” says Adame.