ThetaRay AI Tech Continues Global Awards Sweep
21.11.2022 16:00:00 EET | Business Wire | Press release
ThetaRay, a leading fintech providing AI-powered transaction monitoring technology, today announced that its AML solution continues on an industry awards sweep with the win of the Compliance Solution of the Year in the Americas, underscoring global recognition for the advanced AI technology.
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CrossTech Compliance Solution of the Year award goes to ThetaRay (Photo: Business Wire)
The Compliance Solution of the Year award from CrossTech 2022 in Miami last week recognizes the most important innovation in preventing money laundering, financial crimes, and illegal practices. It marks the second regional award for ThetaRay this year after recognition from the UAE financial community as AML Solution Provider of the Year, in addition to previous awards in Europe and Asia.
The CrossTech World 2022 event brought together international financial services companies – as well as new sectors that are changing the face of the industry, such as fintech and mobile wallets – from more than 554 companies and 85 countries.
As digital payment volume increases, AML compliance managers are exposed to enormous amounts of data. Bad actors are constantly developing new modus operandi, changing criminal schemes faster than investigators can track the trail of crime.
“In an era of constantly evolving financial security threats, ThetaRay’s true AI-based AML solution is a game-changer for fintechs and banks. It delivers an efficient and effective compliance solution that can handle growing cross-border transactions reliably and securely, and thus enable the growth of new business, revenues, and customer satisfaction,” said Mark Gazit, CEO of ThetaRay. “This award is recognition by the Americas payment community of the ability of advanced technology to help remove barriers in the financial world and grow the financial ecosystem with new opportunities.”
SONAR is based on an advanced form of AI that makes better decisions with no bias or thresholds. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. This enables the rapid discovery of both known and unknown money laundering threats, with up to 99% reduction in false positives compared to rules-based solutions.
Please contact ThetaRay to learn more about the SONAR solution.
About ThetaRay
ThetaRay's AI-powered SONAR transaction monitoring solution, based on "artificial intelligence intuition,” allows banks and fintechs to expand their business opportunities and grow revenues through trusted and reliable cross-border payments. The groundbreaking solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay's unmatchable low false positive and high detection rates.
For more information, visit www.thetaray.com.
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Contact information
Media contact
Nina Gilbert
nina.gilbert@thetaray.com
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