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ClearBank selects ThetaRay AI Tech to protect banking platform

By Gloria Methri

December 06, 2022

  • AML
  • Clearbank
  • Cross-Border Transactions

IBS Intelligence - ClearBank, ThetaRay AI TechUK-based clearing and embedded banking platform ClearBank is collaborating with transaction monitoring technology provider ThetaRay to protect its platform against financial crime.

ClearBank will transform its AML monitoring operations to a fully cloud-native program with ThetaRay’s SaaS SONAR AML solution. The cloud-native system will provide flexibility to scale and support faster processing of transaction volumes.

ThetaRay’s SONAR solution is based on a proprietary form of artificial intelligence intuition, that remove human bias, to ensure the system can detect anomalies in behaviour. It enables FinTechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a full picture of customer identities.

The solution also works across cross-border transaction paths and offers a fast discovery of known and unknown money laundering threats. ThetaRay also claims it can provide up to a 99% reduction in false positives compared to other rules-based solutions.

“The ThetaRay AML system powered by AI and machine learning technology will give us the edge that will enable us to win new financial partnerships and unlock the potential of our business model to bring positive and meaningful change for customers in the UK, Europe and beyond,” said Nigel Walder, Chief Operating Officer, ClearBank. “The ThetaRay risk-based analytical capabilities can detect hidden financial crime hidden within the data of transactions passing through complex financial networks, including known and unknown typologies.”

“We are honored to have a partner like ClearBank that is leading the banking innovation space by reducing costs and friction with cloud-native financial services,” said Mark Gazit, CEO of ThetaRay. “Our fully scalable SaaS solution empowers payment FinTechwith operational benefits to achieve trusted global transactions without having to worry about the maintenance of additional infrastructure, while satisfying regulators, improving the customer experience, and quickly opening new revenue streams.”

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