Following this announcement, ThetaRay’s AI-powered anti-money laundering (AML) transaction monitoring and sanction screening service is set to further strengthen Knox Wire’s security and compliance measures. This partnership is expected to ensure the integrity and security of cross-border payments and meet the needs, preferences, and expectations of clients, while detecting fraud and illicit activities at the same time.
The artificial intelligence technology of ThetaRay was designed to detect both known and unknown threats, such as terrorist financing, money laundering, and other financial crimes. It will also focus on reducing false positives, which can save FSPs (financial service providers) time, resources, and money. In addition, customers and clients across the globe will be enabled to benefit from optimised cross-border transactions, as well as an improved and secure overall financial landscape.
Israel-based AI-driven transaction monitoring solution ThetaRay prioritises the process of deploying big data expertise and proprietary algorithm science in order to allow customers and users to identify financial crimes, such as terrorist financing, money laundering, or fraud. The company had multiple collaborations and launches in the last couple of months, covering several different geographic areas across the globe.
At the beginning of November 2023, the global payments network Neema announced its partnership with ThetaRay in order to optimise AML transaction monitoring and sanction screening, with the use of AI-powered technologies. Throughout this collaboration, ThetaRay was set to combine its advanced artificial intelligence technology with Neema’s real-time payments network for optimising the overall anti-money laundering (AML) transaction monitoring, as well as its sanction screening offerings.
Clients and partners of Neema were enabled to focus on the acceleration of their development and investment processes, while also leveraging the payments network offered by the firm. According to the press release published at the time, the service was made accessible through an easily and securely integrated API, which eliminated the need for traditional bank transfers and complex regulatory requirements. Furthermore, the network aimed to provide them with cross-border financial transactions and extensive coverage in multiple regions around the world.
Earlier in October 2023, the remittance services provider across Central America AirPark announced its strategic deal with ThetaRay in order to strengthen its anti-money laundering (AML) programme. AirPak was set to leverage ThetaRay’s artificial intelligence (AI)-powered transaction monitoring solution SONAR, in order to deploy AI in the fight against financial crime. This collaboration was also expected to result in improved compliance management, as well as optimised transactions and overall customer service.
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