Google Cloud partners with AI cyber firm ThetaRay for AML tech

ThetaRay announced a global partnership with Google Cloud to protect banks, fintechs, PSPs and payments infrastructure companies against money laundering activity hidden within cross-border transactions. Through the alliance, ThetaRay’s recently announced 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.

ThetaRay’s solution is one of the only packaged SaaS offerings that analyzes 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 artificial intelligence-driven AML solutions that can 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, organized crime groups and other criminals,” said Mark Gazit, CEO of ThetaRay, in a statement. “With availability on Google Cloud, ThetaRay is offering banks and payment providers defense against even the most sophisticated money laundering schemes, empowering them to protect their customers, avoid regulatory penalties and prevent reputational damage.”

Read SFM’s interview with ThetaRay’s CEO Mark Grazit

ThetaRay’s solution is based on an advanced 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 rapid discovery of both known and unknown money laundering threats, with a peerless 95% detection rate and 90% reduction in false positives compared to rules-based solutions.

Chris Arisian, director of ISV Partnerships for Google Cloud, said in a statement: “Deploying ThetaRay on Google Cloud can help banks and other financial services institutions build and scale their digital infrastructure, securely and safely.”


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