United kingdom banking fintech taps ThetaRay AML SaaS resolution to secure its system in opposition to known and unknown cash-laundering crimes

LONDON & NEW YORK & TEL AVIV, Israel, November 29, 2022–(Company WIRE)–ClearBank, the greatest following-generation clearing and embedded banking platform in the United kingdom, and ThetaRay, company of AI-driven transaction monitoring technology, nowadays introduced they will collaborate in cloud-native anti-income laundering (AML) monitoring to secure ClearBank in opposition to economical criminal offense with ThetaRay’s strong and industry-primary AI resolution.

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ClearBank emblem

By means of the arrangement, ClearBank will renovate its AML checking operations to a thoroughly cloud-indigenous method with ThetaRay’s SaaS SONAR AML option. The cloud-indigenous SONAR process will deliver ClearBank the flexibility to scale and assistance more rapidly and safer processing of rising transaction volumes on its system.

ClearBank is the very first verified and totally controlled cloud-indigenous clearing lender in the British isles, functioning with more than 200 monetary establishments and fintech buyers, 13 million accounts, and £3bn in balances.

“The ThetaRay AML technique powered by synthetic intelligence (AI) and device learning technology will give us the edge that will allow us to gain new financial partnerships and unlock the opportunity of our business design to provide positive and significant alter for customers in the Uk, Europe and over and above,” explained Nigel Walder, Chief Working Officer, ClearBank. “The ThetaRay risk-based analytical abilities can detect concealed financial crime concealed inside the data of transactions passing through intricate monetary networks, like recognized and unfamiliar typologies.”

ClearBank chosen ThetaRay as the best associate for its ability to supply a SaaS resolution with API-driven integration, scalability, and usability with an intuitive investigative instrument for analysts for initially-line examination.

“We are honored to have a partner like ClearBank that is top the banking innovation area by lessening expenditures and friction with cloud-indigenous money solutions. Our firms have great synergy, and we search forward to a prolonged-phrase partnership to grow the economical business,” explained Mark Gazit, CEO of ThetaRay. “Our thoroughly scalable SaaS option empowers payment fintechs with operational positive aspects to attain trusted global transactions without possessing to fret about the routine maintenance of extra infrastructure, though enjoyable regulators, bettering the customer encounter, and promptly opening new revenue streams.”

ThetaRay’s award-successful SONAR answer is based on a proprietary kind of AI, synthetic intelligence instinct, that replaces human bias, giving the system the electricity to recognize anomalies and discover unknowns outside the house of normal conduct, together with completely new typologies. It allows fintechs and financial institutions to carry out a danger-dependent strategy to effectively identify genuinely suspicious action and make a entire photo of buyer identities, together with across elaborate, cross-border transaction paths. This enables the fast discovery of the two recognised and unidentified cash laundering threats, and up to 99 per cent reduction in bogus positives in contrast to principles-centered methods.

About ClearBank

ClearBank is a function-created clearing and embedded banking platform. As a result of its banking license and clever, strong technological innovation options, ClearBank permits its companions to offer you real-time payment and ground breaking banking providers to their shoppers. ClearBank is approved by the Prudential Regulation Authority and controlled by the Money Conduct Authority and the Prudential Regulation Authority (Economic Providers Sign-up quantity: 754568).

Check out www.very clear.lender for far more details.

About ThetaRay

ThetaRay’s AI-run SONAR transaction checking answer, dependent on “synthetic intelligence intuition,” makes it possible for banking institutions and fintechs to develop their small business possibilities through safe and trusted cross-border payments. The groundbreaking alternative also enhances shopper gratification, lowers compliance costs, and boosts threat protection. Money corporations that depend on really heterogeneous and advanced ecosystems benefit enormously from ThetaRay’s unmatchable small false favourable and superior detection costs.

Master much more at www.thetaray.com.

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Nina Gilbert, ThetaRay
[email protected]