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Mashreq Bank chooses Thetaray Transaction Monitoring Solution for correspondent banking

By Leandra Monteiro

February 15, 2022

  • Correspondent Banking
  • Cross Border Payments
  • Digital Fraud
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Mashreq Bank Mashreq Bank of the UAE and ThetaRay announced they will collaborate in transaction monitoring. The implementation of ThetaRay’s AI-driven, next-generation solution allows safe and secure cross-border payment transfers for correspondent banking with protection from financial crime.

The collaboration between the UAE bank and ThetaRay, came to fruition thanks to the Abraham Accords that were signed in September 2020 to normalize relations between Israel and the UAE, Bahrain, Sudan, and Morocco.

“ThetaRay’s technology, underpinned by advanced machine-learning-based models complementing rules, sets the foundation for next-generation transaction monitoring,” said Scott Ramsay, Group Head of Compliance and Bank MLRO of Mashreq Bank. “By combining speed and agility with efficiency, it allows banks to effectively thwart financial crime risks in the increasingly complex space of cross-border payments.”

ThetaRay’s anti-money laundering (AML) solution is in line with the trend to establish UAE as a global financial center that connects the Middle East and Africa to the rest of the world. Mashreq Bank, being one of the leaders in this space, will use ThetaRay’s solution to facilitate its growth safely and provide services to more countries and customers.

“Mashreq Bank is our first customer in the UAE,” said Mark Gazit, CEO of ThetaRay. “We look forward to accelerating collaboration with additional financial institutions in the UAE and the entire Middle East, as part of the continued expansion of ThetaRay’s global reach.”

The COVID-19 era has triggered an upsurge in the volume of cross-border payments, a market that is expected to grow from $37.15 trillion in 2020 to $39.9 trillion by 2026. This market is a prime target for financial crimes such as money laundering, theft and fraud.

“Mashreq seeks to be a leader in building a bank fit for purpose for the future,” said Ellis Wang, Group Head of Technology, Transformation and Information, Mashreq Bank. “And at its core are capabilities to keep our customers as well as the banking ecosystem safe. Mashreq will always continue to promote deployment of advanced technologies to achieve this outcome.”

ThetaRay’s solution allows banks and fintechs to reduce total cost of ownership (TCO), rapidly expand revenues, improve customer service, and speed ROI from months to only days.

“Mashreq Bank joins the growing community of banks and financial institutions that are using ThetaRay’s technology, including tier-1 banks, payment service providers, financial intelligence units and others,” added Shay Dovev, SVP, Strategic Accounts, ThetaRay.

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