AI-Based Solution-as-a-Service Reduces Time to Value from Months to Days
NEW YORK, LONDON & TEL AVIV (April 26, 2021) – ThetaRay, a leading provider of AI-based Big Data analytics, today announced that its AML (Anti-Money Laundering) for Cross-Border Payments solution is now available as a cloud-based service. The cloud-agnostic offering protects banks, fintechs, PSPs and payments infrastructure companies from sophisticated money laundering schemes hidden within cross-border transactions, decreases total cost of ownership (TCO), provides the ability to increase revenues quickly, and shortens time-to-value from 6+ months to days.
Until 2019, most financial institutions had only taken their first tentative steps into cloud computing, and rarely for hosting AML solutions. However, with the onset of COVID-19, cloud-based systems became critical in the pivot to remote working, and the benefits of such solutions became more evident in regard to the AML use case. As a result, ThetaRay has launched the first and only cloud-based service that analyzes SWIFT traffic, risk indicators and client/payer/payee data to detect anomalies indicating money laundering, terrorism financing and other criminal activities across complex, cross-border transaction paths. It is based on a proprietary type…
