Mashreq Bank chooses ThetaRay transaction monitoring solution for correspondent banking


UAE bank contract marks expansion of ThetaRay AI-driven
solution into Middle East financial institutions

Dubai, Tel Aviv and New York: Mashreq Bank of the UAE
and ThetaRay today announced they will collaborate in transaction monitoring. The
implementation of ThetaRay’s AI-driven, next generation solution allows safe and
secure cross-border payment transfers for correspondent banking with protection
from financial crime.
The collaboration between the UAE bank and ThetaRay, a leader in its field, came to
fruition thanks to the Abraham Accords that were signed in September 2020 to
normalize relations between Israel and the UAE, Bahrain, Sudan, and Morocco.
“ThetaRay’s technology, underpinned by advanced machine-learning based models
complementing rules, sets the foundation for next generation transaction
monitoring,” said Scott Ramsay, Group Head of Compliance and Bank MLRO of
Mashreq Bank. “By combining speed and agility with efficiency, it allows banks to
effectively thwart financial crime risks in the increasingly complex space of crossborder payments.”
ThetaRay’s anti-money laundering (AML) solution is in line with the trend to
establish UAE as a global financial center that connects the Middle East and Africa to
the rest of the world. Mashreq Bank, being one of the leaders in this space, will use
ThetaRay’s solution to facilitate its growth safely and provide services to more
countries and customers.
“Mashreq Bank is our first customer in the UAE,” said Mark Gazit, CEO of ThetaRay.
“We look forward to accelerating collaboration with additional financial institutions
in the UAE and the entire Middle East, as part of the continued expansion of
ThetaRay’s global reach.”
The COVID-19 era has triggered an upsurge in the volume of cross-border payments,
a market that is expected to grow from $37.15 trillion in 2020 to $39.9 trillion by 2026. This
market is a prime target for financial crimes such as money laundering, theft and
“Mashreq seeks to be a leader in building a bank fit for purpose for the future,” said
Ellis Wang, Group Head of Technology, Transformation and Information, Mashreq
Bank. “And at its core are capabilities to keep our customers as well as the banking
ecosystem safe. Mashreq will always continue to promote deployment of advanced
technologies to achieve this outcome.”
ThetaRay’s solution allows banks and fintechs to reduce total cost of ownership
(TCO), rapidly expand revenues, improve customer service, and speed ROI from
months to only days.
“Mashreq Bank joins the growing community of banks and financial institutions that
are using ThetaRay’s technology, including tier-1 banks, payment service providers,
financial intelligence units and others,” added Shay Dovev, SVP, Strategic Accounts,

About Mashreq Bank:

One of the UAE’s best performing banks for over five decades, Mashreq Bank is a
leading financial institution with an expanding footprint across the Middle East
with a strong presence in the financial capitals of the world with international
offices in Europe, Asia, Africa and the US.

About ThetaRay:

ThetaRay’s groundbreaking solution, based on “artificial intelligence intuition,”
allows banks to expand their business opportunities by achieving safe and
reliable cross-border payment monitorization. Financial organizations that rely
on highly heterogeneous and complex ecosystems benefit greatly from
ThetaRay’s unmatchable low false positive rates.