Building on its success in Africa and other global markets, ThetaRay, a leader in Cognitive AI Financial Crime Compliance, is expanding its presence in North America through a strategic partnership with IDB Bank, a New York-based private and commercial bank.
The collaboration will see IDB Bank implement ThetaRay’s cutting-edge Transaction Monitoring solution to strengthen its regulatory compliance and financial security efforts.
This move highlights IDB Bank’s commitment to ensuring secure and efficient services for its clients while bolstering its financial integrity in an increasingly complex regulatory landscape.
ThetaRay’s proven ability to enhance financial security worldwide made it a natural choice for the bank’s expansion into advanced AI-driven solutions.
ThetaRay’s Cognitive AI technology will enable IDB Bank to better detect and prevent financial crimes by distinguishing between legitimate transactions and potentially fraudulent activities.
This is particularly crucial in today’s dynamic financial environment, where threats such as human and drug trafficking, terror financing, and other illicit activities are constantly evolving.
Peter Reynolds, CEO of ThetaRay, expressed excitement about the partnership, stating, “We are thrilled to welcome IDB Bank to the growing list of global banks using our solution.” He added, “The US is a key market for us, and we see a clear need for financial institutions to strengthen their ability to detect financial crime.”
Reynolds also emphasized that ThetaRay’s “first-of-its-kind Cognitive AI solution helps differentiate between honest transactions and malicious activity, enabling financial institutions to serve customers safely while intercepting financial crime.”
Ziv Biron, President & CEO of IDB Bank, also weighed in on the partnership’s significance, saying, “We are confident that working with ThetaRay will enhance our operational resilience and core competencies, allowing us to better serve our clients in today’s increasingly sophisticated financial services environment.”
ThetaRay’s solution aims to address the limitations of traditional rule-based systems by offering faster implementation, more efficient compliance operations, and the ability to identify hidden criminal networks.
By providing actionable insights, ThetaRay helps organizations stay ahead of evolving threats, build strong relationships with regulators, and improve customer experiences.
In regions like Africa, where compliance requirements can delay financial transactions and many institutions rely on outdated systems, ThetaRay’s AI-powered tools help streamline processes and reinforce security measures.
Erel Margalit, Chairman of ThetaRay and founder of JVP, emphasized the growing importance of AI in combating increasingly sophisticated financial crimes.
“AI is essential for dealing with the complexities of drug and human trafficking, terror financing, cross-border payments, and correspondent banking,” he said. “It also enables secure and efficient international financial transactions, fostering productive trade and finance corridors.”
Margalit expressed his enthusiasm for the collaboration with IDB Bank, stating, “We are proud to support IDB Bank as they continue their fight against financial crime.”
ThetaRay’s GenAI Financial Crime Detection Suite, developed in partnership with Microsoft, further enhances risk assessment, operational efficiency, and anti-money laundering (AML) capabilities.
The company’s SONAR SaaS solution, which includes AI-powered transaction monitoring and sanctions list screening, has already been successfully implemented by leading financial institutions, including MFS Africa, the largest digital payments hub in Africa, and Clicksendnow, a challenger in African remittance payments.
Other notable African clients of ThetaRay include Nigerian fintech Arca and South Africa’s Apollo Fintech. Additionally, ThetaRay’s technology is already being used by banks across Europe, South America, and Africa, solidifying its position as a key player in the global fight against financial crime.
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