ThetaRay AML solution to be offered on Google Cloud

By Robin Amlot

ThetaRay has announced a global partnership with Google Cloud to protect banks, FinTechs, PSPs and payments infrastructure companies against money laundering activity within cross-border transactions. The partnership means ThetaRay’s Cloud-Based AML Solution for Cross-Border Payments will be available as a service on Google Cloud.

When the global pandemic hit in early 2020, the financial industry and payments ecosystem increased their adoption of cloud-based systems to accommodate remote working.  As a result, there is an increasing requirement for solutions that can detect money laundering in a cloud-based environment. Google Cloud’s global, reliable infrastructure is well positioned to deliver solutions on a global scale.

ThetaRay’s solution is one of the only packaged SaaS offerings that analyses SWIFT traffic, risk indicators and client/payer/payee data to detect anomalies indicating money laundering activity across complex, cross-border transaction paths. It is also one of the only AI-driven AML solutions that may be easily integrated and deployed within days, with minimal implementation required.

“The financial industry has experienced unprecedented disruption over the past year, and this unpredictability has created new attack vectors for money launderers, human traffickers, organised crime groups and other criminals,” said Mark Gazit, CEO of ThetaRay. “With availability on Google Cloud, ThetaRay is offering banks and payment providers defence against even the most sophisticated money laundering schemes, empowering them to protect their customers, avoid regulatory penalties and prevent reputational damage.”

ThetaRay’s solution is based on a form of AI called Artificial Intuition that can mimic human feelings, perceptions, inferences, hypotheses and reasoning in order to make better decisions. This enables the discovery of both known and unknown money laundering threats, with a 95% detection rate and 90% reduction in false positives compared to rules-based solutions.

“We’re pleased that ThetaRay will bring its solutions for the financial services industry to Google Cloud,” said Chris Arisian, Director of ISV Partnerships for Google Cloud. “Deploying ThetaRay on Google Cloud can help banks and other financial services institutions build and scale their digital infrastructure, securely and safely.”