Neema partners with ThetaRay

Thursday 9 November 2023 14:43 CET | News

Global payments network Neema has partnered with ThetaRay in order to optimise AML transaction monitoring and sanction screening with AI-powered technologies.

Following this announcement, ThetaRay will combine its advanced artificial intelligence technology with Neema’s real-time payments network in order to optimise anti-money laundering (AML) transaction monitoring, as well as its overall sanction screening capabilities. 

Customers and partners of Neema will be enabled to focus on the acceleration of their development and investment processes while using the payments network provided by the company. The solution is accessible through an easily and securely integrated API, which eliminates the need for traditional bank transfers and complex regulatory requirements. In addition, the network will provide them with cross-border financial transactions and extensive coverage in multiple areas across the globe. 

Moreover, by leveraging AI-powered transaction monitoring, fintech and banks will be enabled to optimise trust in worldwide payments by detecting and analysing vast volumes of transaction data in real-time. This is set to identify all signs of illicit financial activities and protect customers from online threats. 


Global payments network Neema has partnered with ThetaRay in order to optimise AML transaction monitoring and sanction screening with AI-powered technologies.


ThetaRay’s recent strategy of development

Israel-based AI-driven transaction monitoring solution ThetaRay focuses on deploying big data expertise and proprietary algorithm science in order to enable its clients and users to identify financial crimes, such as money laundering, terrorist financing, or fraud. The firm had multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world. 

In October 2023, the company announced its partnership with the remittance services provider across Central America AirPak in order to strengthen the latter’s anti-money laundering (AML) programme. According to the press release published at the time, the strategic deal was set to allow AirPak to leverage ThetaRay’s artificial intelligence-powered transaction monitoring tool, SONAR, to deploy AI in the process of fighting financial crime.

The company focused on optimising its overall compliance management, as well as improving customer service and trusted transactions. In addition, the company aimed to accelerate its development process, as well as to decrease the occurrence of false positives, optimise detection offerings and capabilities, and expedite the investigation processes. 

At the beginning of the same month, the UK-based financial management solutions provider Gemba Finance announced its collaboration with ThetaRay in order to utilise its transaction monitoring technology. The partnership was set to allow the implementation of ThetaRay’s SONAR into Gemba Finance’s suite of services, focusing on accelerating the latter’s development process while mitigating regulatory exposure at the same time. 

In addition, the firms aimed to address the challenge that is often faced by financial institutions and banks regarding the overall regulatory compliance and its impact on the expansion of the industry. ThetaRay’s AI-powered platform was set to enable Gemba Finance to scale its operations and offerings while maintaining compliance, as well as to lead to a reduction in fast positives, increased detection of suspicious cases, and shorter investigation procedures.

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Keywords: partnership, AML, transaction monitoring, financial sanctions, transaction laundering, artificial intelligence, fraud management, fraud prevention, fraud detection, online fraud
Categories: Fraud & Financial Crime
Companies: Neema, ThetaRay
Countries: World
This article is part of category

Fraud & Financial Crime




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