ThetaRay and Piie collaborate in AI technology for insurance payments

By Edlyn Cardoza

ThetaRay, one of the leading providers of AI-powered transaction monitoring technology, and Piie, Inc., an InsurTech providing an intelligent payment engine, announced a collaboration to implement an advanced AML solution for insurance claim payments.

“Piie is revolutionising how payments are processed within the insurance sector as the financial industry undergoes a digital transformation that is improving the customer journey for insurance companies,” said Mark Gazit, CEO of ThetaRay. “We are proud to partner with an insurtech that is focused on digital payments that enable companies to process insurance payments with lower costs and greater speed and accuracy.”

Through the agreement, Piie (Payments Intelligent Integration Engine) will integrate ThetaRay’s AI-driven SONAR transaction monitoring AML solution to monitor and detect anomalies pointing to suspected financial crime on its payments-as-a-service platform that includes mobile application support.

A scalable, secure payments platform headquartered in Charlotte, NC, Piie serves the insurance industry with an AI-driven real-time payments solution. Using ThetaRay’s transaction monitoring AML solution will further enhance and strengthen Piie’s current robust risk controls.

Ritesh Kirad, CEO of Piie, Inc., noted that “ThetaRay’s advanced AML monitoring capabilities complement Piie’s focus on a modern, secure payments architecture that reduces cost, improves efficiency, and delights policyholders.”

ThetaRay’s AI-powered SONAR transaction monitoring solution, based on ‘artificial intelligence intuition,’ allows banks and FinTechs to grow revenues through trusted global payments. The groundbreaking solution improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial organisations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay’s unmatchable low false positive and high detection rates.