News

Following African Success, ThetaRay expands its Cognitive AI Financial Crime Tech in US

Building on its success in Africa and other international markets, ThetaRay, a global leader in Cognitive AI Financial Crime Compliance, is expanding its footprint in North America, partnering with IDB Bank, a New York-based private and commercial bank, to implement its advanced Transaction Monitoring solution.

This collaboration signifies a major move by IDB Bank to strengthen its regulatory compliance and financial integrity while ensuring secure and efficient service for its clients, following ThetaRay’s proven ability to enhance financial security in diverse global markets.

The partnership will see IDB Bank integrate ThetaRay’s innovative technology to enhance its ability to detect and combat financial crimes. ThetaRay’s Cognitive AI solution is designed to distinguish between legitimate transactions and those of bad actors, thereby allowing financial institutions to effectively serve their customers while intercepting illicit activities. This technology is especially important in today’s complex financial landscape, where threats from drug and human trafficking, terror financing, and other illicit activities continue to evolve.

Peter Reynolds, CEO of ThetaRay, who has been leading the charge in the AI and financial compliance space,  expressed his enthusiasm about the partnership, stating, “We are delighted to add IDB Bank in New York to the fast-growing list of global banks using our solution”. He also noted that “The US is a key market we are growing in and we see the clear need for financial institutions to continue focusing on their ability to detect financial crime”.

Reynolds also added that their “Cognitive AI solution, a first of its kind, distinguishes between the ‘good guys’ and the ‘bad guys’, the legitimate business and honest customers looking to make safe transactions, and the bad actors of this world” and that “ThetaRay provides solutions that empower our clients effectively

ALSO READ  TCN: No National Grid Collapse, Only Transmission Lines Tripped

serving both new and existing customers”.

Ziv Biron, President & CEO of IDB Bank, also commented on the strategic importance of this partnership. He stated, “We are confident that our partnership with ThetaRay will strategically enhance our operational fortitude and core competencies to serve our clients in an increasingly nuanced financial services environment,”.

ThetaRay’s technology aims to overcome the limitations of traditional rule-based systems by offering solutions that shorten implementation lifecycles and enable more efficient, risk-aware compliance operations. By identifying hidden criminal networks and delivering actionable insights, ThetaRay empowers organizations to address evolving threats effectively, maintain positive relationships with regulators, and improve customer experiences. In regions like Africa, where financial transactions are often delayed by complex compliance requirements, and where many institutions struggle with outdated systems, ThetaRay’s AI-powered solutions help to streamline processes and strengthen security measures.

Erel Margalit, Chairman of ThetaRay and founder of JVP, emphasized the importance of AI in coping with the sophistication of financial crimes. He noted, “AI is becoming the way forward to cope with the sophistication of drug and human trafficking, terror financing, cross-border payments, and correspondent banking”. He also said, “AI also serves as the enabler for productive corridors of trade and finance, facilitating international financial transactions in a secure and efficient manner,” and that he is “delighted to have our partners at IDB engage ThetaRay as they move forward in their continuous fight against financial crime,”.

The company’s GenAI Financial Crime Detection Suite, developed in partnership with Microsoft, further enhances risk assessment, operational efficiency, and anti-money laundering (AML) reporting capabilities. For example, MFS Africa, the largest digital payments hub in Africa, has implemented ThetaRay’s SONAR SaaS solution, which includes AI-powered AML transaction monitoring and sanctions list screening.

ALSO READ  ‘Moana 2’ earns N12.4million for first day advanced screening in Nigerian cinemas

Additionally, Clicksendnow, a market-challenger in African remittance payments, also uses ThetaRay’s SONAR platform for automated transaction monitoring and sanction screening. Other African clients include Nigerian fintech Arca and South Africa’s Apollo Fintech.

ThetaRay’s solution has also been implemented in other leading international banks in Europe, South America, and Africa.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button