New York, March 17, 2022 — ThetaRay, a leading fintech providing AI-powered transaction monitoring technology, today announced that it has been selected as winner of the Best Anti-Money Laundering (AML) Solution Award in the sixth annual FinTech Breakthrough Awards program.
ThetaRay provides AI-driven transaction monitoring technology to enable fintechs and banks to grow and expand business opportunities through secure and reliable global payments. It protects them against risk in global payments from money laundering, terrorist financing, cyber-automated attacks, and other financial crimes. Leading global banks, payment service providers, and government regulators alike have chosen and are fully operating ThetaRay’s SaaS transaction monitoring solution.
“Our AML solution is a game-changer in that, unlike traditional systems, it detects the earliest signs of even the newest money laundering typologies,” said Mark Gazit, CEO, ThetaRay. “This helps enable growth for banks and fintechs by allowing them to tap into the $35 trillion cross-border payments market without increasing their risk.”
This marks the second consecutive year that ThetaRay has received an award from FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global fintech market.
ThetaRay’s AML solution, SONAR, uses proprietary artificial intuition machine learning methodology to analyze dozens of risk indicators associated with financial crimes. This risk-based AI approach paints a clear picture for compliance teams and enables them to detect abnormal activity within large sets of data and to effectively calculate and pinpoint transactions indicating suspicious activities. As a result, SONAR can deliver 95% investigation-worthy alerts. ThetaRay’s process also provides insights on customer identity where KYC information is lacking, creating risk profiles of non-customers and transparency across complex paths.
The FinTech Breakthrough Awards is the premier awards program founded to recognize the fintech innovators, leaders and visionaries from around the world in a range of categories, including digital banking, personal finance, lending, payments, investments, regtech, insurtech and many more.
ThetaRay’s groundbreaking, AI-powered SONAR SaaS transaction monitoring solution allows banks, payment fintechs, and organizations to expand their business opportunities by achieving safe and reliable cross-border payment monitorization. ThetaRay’s technology is the only packaged SaaS offering that analyzes SWIFT traffic, risk indicators and client/payer/payee data to detect anomalies indicating money laundering activity across complex, cross-border transaction paths. It is also one of the only AI-driven AML solutions that can be easily integrated and deployed within days, with minimal implementation required.
For more information, visit https://www.thetaray.com/
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