Micheal Sheehy on transaction monitoring
From Full version: Payoneer's testimonial with Micheal Sheehy, Chief Compliance Officer. · · ThetaRay
“Historically, we just have this static book of rules that you would just have in your transaction monitoring system and the incorporation of the added layer of machine learning and AI will enable us to adapt and respond to our models and risks a lot faster.”
On , Micheal Sheehy, Chief Compliance Officer at PAYONEER GLBL INC, spoke about transaction monitoring during Full version: Payoneer's testimonial with Micheal Sheehy, Chief Compliance Officer. on ThetaRay.
About Micheal Sheehy
Micheal Sheehy, Chief Compliance Officer at Payoneer Global, stated in a 2022 testimonial for ThetaRay that the company operates as a regulated financial services institution in multiple jurisdictions. He said that Payoneer has over 220 banking partners and operates in a non-face-to-face environment, which he described as challenging for mitigating risks. Sheehy noted that the company has adapted its compliance program to address new typologies, including spikes in COVID-related scams, PPE scams, and loan scams, as well as further exposure to financial crime from the war in Ukraine. Sheehy said that Payoneer selected ThetaRay's Sonar product after a proof of concept in which the company sent manipulated customer data to test detection capabilities. He described machine learning as an important element in the vendor assessment process and stated that the technology allows the company to move away from static, threshold-based rules toward analyzing whether transactions fit a customer's risk profile. Sheehy added that ThetaRay set itself apart through a collaborative partnership approach rather than a vendor relationship, and that the system enables Payoneer to adapt quickly to business and product team needs.