IDB Bank implements ThetaRay's Transaction Monitoring solution

Through this collaboration, IDB Bank underlines its commitment to maintaining regulatory compliance and financial integrity, as well as offering a secure and convenient service to its clients.

The partnership with IDB Bank comes after ThetaRay announced in July 2024 that it acquired Screena, a European screening company. The move supported ThetaRay’s mission to utilise AI in its fights against financial crime and highlighted its continuous investment in proprietary technology and its commitment to assisting banks, fintech companies, and regulators to detect fincrime.

IDB Bank and ThetaRay’s partnership

Commenting on the initiative, representatives from IDB Bank mentioned that teaming up with ThetaRay can strategically improve the financial institution’s operational capabilities and core competencies to serve its clients in an ever-evolving financial services landscape.

Additionally, by utilising ThetaRay’s technology, IDB Bank plans to launch an augmented solution that enables it to continue to offer protections within the financial services industry, both for its customers and operations against financial crime. At the same time, the collaboration falls in line with IDB Bank’s wider strategy to use technology to provide optimised services and facilitate regulatory and customer confidence. Implementing ThetaRay’s Transaction Monitoring solution is set to allow the bank to solidify its position in the financial ecosystem while minimising fraudulent activities and safeguarding customers and clients.

Leveraging the capabilities of Cognitive AI for financial crime compliance, ThetaRay supports financial institutions in identifying legitimate customers and flagging bad actors. The company’s SaaS solutions focus on overcoming the limitations of traditional rule-based systems by reducing implementation lifecycles, in turn enabling efficient and risk-aware compliance operations. Additionally, uncovering criminal networks and providing actionable insights enables ThetaRay to support organisations in mitigating threats, maintaining positive regulator relationships, and improving customer experiences.