ThetaRay Wins “AML Solution Provider of the Year Award” at Dubai’s Middle East Banking AI & Analytics Summit 2022

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Middle Eastern Banking 2022

DUBAI, UAE, TEL AVIV, Israel and NEW YORK: ThetaRay, a leading fintech providing AI-powered transaction monitoring technology, today announced it was named winner of the “AML Solution Provider of the Year Award” by Middle East Banking AI & Analytics 2022.

The Middle East Banking AI & Analytics Summit, held in Dubai, UAE, on May 18-19, brought together executives from major Middle Eastern banks, consultants and fintech companies to examine how big data, AI and analytics can impact the financial services sector.

The award marks a second recognition within a year from the UAE financial community following ThetaRay’s win of the “The Search: Israel” competition for the ADGM Fintech Abu Dhabi event.

ThetaRay’s solution enables banks and fintechs to embed the trust into their global transactions that can expand business relationships and revenues by quickly and easily uncovering money laundering, terrorist financing, cyber-automated attacks, and other financial crimes. Leading global banks, payment service providers and government regulators have chosen and are fully operating ThetaRay’s transaction monitoring solution.

“Our true AI-based AML solution allows banks and fintechs to form new relationships, drive revenues, and improve customer satisfaction while ensuring their payment network is safe and secure from financial criminals,” said Mark Gazit, CEO, ThetaRay. “We are looking forward to collaborating with financial institutions throughout the Gulf region, Middle East and Asia to build a new network of trust and inclusion in today’s growing global financial ecosystem.”

ThetaRay’s AML solution, SONAR, deploys proprietary ‘artificial intelligence intuition’ machine-learning methodology with unbiased AI to rapidly analyze risk indicators associated with financial crimes for both domestic and cross-border payments. This risk-based AI approach paints a clear picture for compliance teams and enables them to detect abnormal activity within large sets of data and to effectively calculate and pinpoint transactions indicating suspicious activities. As a result, SONAR can deliver 95% investigation-worthy alerts.

“Today’s financial criminals use advanced methods including cyber engineered attacks that require an AI-powered risk-based approach,” said Yaron Hazan, ThetaRay’s VP Regulatory Affairs, who accepted the award on behalf of the company at the event. “We are proud to receive this award recognizing our solution’s ability to keep financial organizations a step ahead in the battle on financial crime.”

About ThetaRay:

ThetaRay’s AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition”, allows banks and fintechs to expand their business opportunities and grow revenues through trusted and reliable cross-border payments. The groundbreaking solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. ThetaRay’s technology is the only SaaS offering that analyzes SWIFT traffic, risk indicators and client/payer/payee data to detect anomalies indicating money laundering activity across complex, cross-border transaction paths in a single unified platform. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay’s unmatchable low false positives and high detection rates.