IDB Bank & ThetaRay bolster AI-led Financial Crime compliance

By Gloria Mathias

ThetaRay, a global leader in Cognitive AI Financial Crime Compliance and IDB Bank, a New York-based private and commercial bank, have announced a strategic partnership.

The collaboration highlights the bank’s dedication to maintaining the highest standards of regulatory compliance and financial integrity while providing efficient and secure service to its clients.

“We are delighted to add IDB Bank in New York to the fast-growing list of global banks using our solution,” said Peter Reynolds, CEO of ThetaRay. “The US is a key market we are growing in, and we see the clear need for financial institutions to continue focusing on their ability to detect financial crime. Our cognitive AI solution distinguishes between the ‘good guys’ and the ‘bad guys’, the legitimate businesses and honest customers looking to make safe transactions, and the bad actors of this world. ThetaRay provides solutions that empower our clients, effectively serving both new and existing customers.”

“We are confident that our partnership with ThetaRay will strategically enhance our operational fortitude and core competencies to serve our clients in an increasingly nuanced financial services environment,” said Ziv Biron, IDB Bank President & CEO. “In leveraging ThetaRay’s next-generation technology, we hope to introduce an innovative solution that will allow IDB to continue providing strong protections within the financial services industry for our customers and operations against financial crime.”

“I’m delighted to have our partners at IDB engage ThetaRay as they move forward in their continuous fight against financial crime,” said Erel Margalit, Chairman of ThetaRay and founder of JVP. “AI is becoming the way forward to cope with the sophistication of drug and human trafficking, terror financing, cross-border payments, and correspondent banking. AI also serves as the enabler for productive corridors of trade and finance, facilitating international financial transactions securely and efficiently.”

By integrating ThetaRay’s transaction monitoring solution, IDB Bank hopes to continue to demonstrate its commitment to being a trusted partner in the global financial ecosystem and the fight against economic crimes.