UAE’s leading financial institution, Mashreq Bank has entered into a partnership with Israel-based cyber security and big data analytics company, ThetaRay to monitor transactions.
The implementation of ThetaRay’s artificial intelligence (AI)-driven next-generation solution will enable safe and secure cross-border payment transfers for correspondent banking with protection from financial crime.
“ThetaRay’s technology, underpinned by advanced machine-learning-based models complementing rules, sets the foundation for next-generation transaction monitoring. By combining speed and agility with efficiency, it allows banks to effectively thwart financial crime risks in the increasingly complex space of cross-border payments,” said Mr. Scott Ramsay, Group Head of Compliance and Bank MLRO of Mashreq Bank.
The anti-money laundering (AML) solution of ThetaRay is in line with the goal to establish UAE as a global financial center that connects the Middle East and Africa (MEA) region 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 offer services to more countries and customers.
Mark Gazit CEO – ThetaRay
“Mashreq Bank is our first customer in the UAE. 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.”
“Mashreq seeks to be a leader in building a bank fit for purpose for the future. And at its core are capabilities to keep our customers as well as the banking ecosystem safe. Mashreq will always continue to promote the deployment of advanced technologies to achieve this outcome,” said Mr. Ellis Wang, Group Head of Technology, Transformation and Information, Mashreq Bank.
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 2021 to $39.9 trillion by 2026. This market is a prime target for financial crimes such as money laundering, theft and fraud.
ThetaRay’s solution allows banks and fintech 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 Mr. Shay Dovev, SVP, Strategic Accounts, ThetaRay.
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