LONDON & NEW YORK & TEL AVIV, Israel–(BUSINESS WIRE)–Nov 29, 2022–
ClearBank, the UK’s largest integrated next-generation clearing and banking platform, and ThetaRay, provider of AI-powered transaction monitoring technology, today announced that they will collaborate on anti- cloud-native Money Laundering (AML) to protect ClearBank from financial risk. crime with ThetaRay’s robust, industry-leading AI solution.
Through this agreement, ClearBank will transform its AML surveillance operations into a fully cloud-native program with ThetaRay’s SaaS SONAR AML solution. The cloud-native SONAR system will provide ClearBank with the flexibility to scale and support faster and more secure processing of growing transaction volumes on its platform.
ClearBank is the UK’s first proven and fully regulated cloud-native clearing bank, operating with over 200 financial institutions and fintech customers, 13 million accounts and £3 billion in balances.
“The ThetaRay AML system powered by artificial intelligence (AI) and machine learning technology will give us the edge to win new financial partnerships and unlock the potential of our business model to drive positive change and meaningful to customers in the UK, Europe and beyond,” said Nigel Walder, COO, ClearBank. “ThetaRay’s risk-based analytics capabilities can uncover financial crime hidden in data transactions passing through complex financial networks, including known and unknown typologies.”
ClearBank selected ThetaRay as the best partner for its ability to deliver a SaaS solution with API-driven integration, scalability and usability with an analyst-intuitive forensics tool for frontline analysis.
“We are honored to have a partner like ClearBank who is at the forefront of banking innovation by reducing cost and friction with cloud-native financial services. Our businesses have great synergy and we look forward to a relationship in term to grow the financial industry,” said Mark Gazit, CEO of ThetaRay. “Our fully scalable SaaS solution provides payment fintechs with operational advantages to conduct reliable global transactions without having to worry about maintaining an infrastructure. while satisfying regulators, improving the customer experience and quickly unlocking new revenue streams.”
ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, which overrides human biases, giving the system the power to recognize anomalies and find unknowns outside of normal behavior , including completely new typologies. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and build a complete picture of customer identities, including across complex cross-border transaction pathways. This enables quick discovery of known and unknown money laundering threats and reduces false positives by up to 99% compared to rules-based solutions.
ClearBank is an integrated banking and clearing platform purpose-built for this purpose. Through its banking license and its intelligent and robust technological solutions, ClearBank enables its partners to offer their customers real-time payments and innovative banking services. ClearBank is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register Number: 754568).
ThetaRay’s AI-powered SONAR transaction monitoring solution, based on “the intuition of artificial intelligence”, enables banks and fintechs to expand their business opportunities through safe and reliable cross-border payments. This revolutionary solution also improves customer satisfaction, reduces compliance costs and increases risk coverage. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay’s unmatched low false positive rates and high detection rates.
CONTACT: Nina Gilbert, ThetaRay
KEYWORD: NEW YORK USA UK NORTH AMERICA MIDDLE EAST ISRAEL EUROPE
INDUSTRY KEYWORD: TECHNOLOGY FINANCE SECURITY FINTECH BANKING PROFESSIONAL SERVICES NETWORKS SOFTWARE ARTIFICIAL INTELLIGENCE
Copyright BusinessWire 2022.
PUBLISHED: 11/29/2022 03:00 / DISK: 11/29/2022 03:02
Copyright BusinessWire 2022.
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