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AI-based Big Data analytics provider ThetaRay has launched its AML (Anti-Money Laundering) for Cross-Border Payments solution 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 regarding the AML use case.
As a result, ThetaRay has launched a cloud-based service that analyses 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 of machine learning called ‘artificial intuition’ that can mimic human intuition and gut feelings, and is available for all public and private clouds, including Azure, Google, AWS, IBM Cloud, and more.
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