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Malta-based Finance Incorporated selects ThetaRay’s AI tech for AML

By Gloria Methri

April 04, 2023

  • AML
  • Digital Transformation
  • Finance Incorporated

ThetaRay, Transaction Monitoring Technology, Piie, AML, KYC, Insurance Claim Payments, Payments Intelligent Integration Engine, SONAR Transaction Monitoring, Financial Crime, Payments-as-a-Service Platform, Real-time Payments, Risk Management, Digital Payments, Digital Transformation, Malta, Finance Incorporated Finance Incorporated Limited, a gateway provider of electronic money services, has selected ThetaRay AI-powered transaction monitoring technology to strengthen its AML framework and grow business alongside increasing volumes of transaction data.

The agreement to implement ThetaRay’s SaaS-based SONAR AI solution will enable Finance Incorporated Limited to integrate multiple datasets for risk-based transaction monitoring and greatly enhance the accuracy of AML operations. The advanced machine-learning engine also reduces false positives by up to 99%, while increasing the automatic ability to spot new typologies as they emerge.

Finance Incorporated is an electronic money institution based in Malta that operates the brands iPaymix, Paymix Pro, and Paymix VIA, delivering account, payments, and card services. The collaboration also marks ThetaRay’s entry into the Malta FinTech market.

Noel Bartolo, Finance Incorporated Limited’s Chief Compliance Officer said, “The partnership with ThetaRay reinforces Finance Incorporated Limited’s commitment to remain ahead of the curve across all its operations, and AI-powered transaction monitoring technology ensures that Finance Incorporated Limited ‘s AML control framework is strengthened and future-proofed while having the ability to scale.”

Mark Gazit, ThetaRay CEO said, “The new digital era requires new-generation AI-based tools to manage the massive volume of global financial transactions. Financial crime vectors can change in a matter of seconds. ThetaRay’s advanced AI uses augmented and unsupervised AI which makes it the only system that can identify both known and unknown criminal activities, enabling FinTechs and banks to emend trust in their transactions and grow revenues.”

According to Bartolo, the ThetaRay AI system has already learned from a staggering amount of historical data across multiple data points, spotting patterns of normal behaviour as well as examples of non-conforming activity. The traditional rule-based system is outdated upon implementation, while the new AI-powered platform refines its decision-making in tandem with business growth for constant relevance.

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