Finance Incorporated Limited partners with ThetaRay

Following this partnership, the electronic money institution will leverage ThetaRay’s AI-powered transaction monitoring technology to improve its machine learning system and AML controls. 

Throughout the deal, the implementation of the SaaS-based SONAR AI service will offer Finance Incorporated Limited the possibility to integrate numerous datasets for risk-based transaction monitoring as well as to enhance the accuracy of AML operations. ThetaRay’s machine learning engine will also be used to reduce the false positives while focusing on increasing the automatic ability to spot new typologies as they appear. 

While using its solution, Finance Incorporated Limited will also benefit from augmented and unsupervised AI that was designed to identify both known and unknown criminal and fraudulent activities, enabling fintech companies, banks, and financial institutions to provide customers with safer and more efficient transactions.

Furthermore, this will enable ThetaRay to enter the Malta fintech market. 

ThetaRay’s partnerships

AI-based transaction monitoring technology provider ThetaRay offers banks and businesses the capability to expand their opportunities through safe and seamless cross-border payments. The company had multiple partnerships in the last couple of months, covering multiple geographies. 

At the end of March 2023, Nigeria-based blockchain fintech Zone planned to integrate ThetaRay’s SONAR AI technology into its services, to monitor and screen Zone’s transactions in the region. 

ThetaRay provided Zone with the SaaS-based SONAR AI product, which was designed to detect and prevent the earliest signs of sophisticated attempts to launder money and circumvent financial sanctions, as well as watchlists. This was set to allow Zone to fully comply with the regulatory AML requirements while increasing its growth opportunities by offering safe services. 

Earlier in the same month, UK-based fintech firm Noda partnered with ThetaRay to surveil its Open Banking services. The companies aimed to enhance payment and transaction monitoring and compliance capabilities on Noda’s platform. This focused on supporting the development of the new digital economy in Europe. 

Noda incorporated ThetaRay’s AI-powered SaaS SONAR tool for AML. The system was also needed to provide Noda with the capability to stay up to date with the regulatory landscape while having an overview of the industry. This allowed the company to focus on the possibility to manage the compliance challenges that may appear with monitoring transactions in the Single Euro Payments Area (SEPA) across several jurisdictions and channels. 

In February 2023, ThetaRay collaborated with Mexico-based mobile banking app Tudi to monitor its transactions for financial crime in the region. Its AI solution made the process of transaction monitoring efficient and effective, improving client experience, and reducing compliance risks and costs.