ThetaRay, a provider of AI-powered financial crime detection technology, announced the deployment of its new GenAI Financial Crime Detection Suite through a collaboration with Microsoft. By integrating Microsoft Azure OpenAI Service, ThetaRay cited such benefits as enhanced risk assessment, operational efficiency, and better reporting of anti-money laundering practices.
ThetaRay said this deployment is part of its ongoing integration of advanced GenAI capabilities, which aims to empower financial institutions of all sizes to combat the increasing challenges posed by sophisticated financial crimes, including money laundering and terrorist financing. Amid rising regulatory scrutiny and demand for AI solutions, ThetaRay’s integration with Microsoft delivers a GenAI-powered case manager that enables institutions to detect financial crime, adapt strategies over time, and easily meet legal reporting standards.
The features are designed to streamline operations across various business areas, such as risk detection, investigation support, quality assurance, and reporting. They ensure consistency in how risks are evaluated across the organization, updating to reflect new threats and trends, and ensuring that financial institutions’ AML strategies remain relevant and effective.
A new GenAI-driven risk catalogue will also be released, providing institutions with the ability to add risk indicators. Other key enhancements include the monitoring of AML risks through continuous learning from public data sources, automated narrative generation for suspicious activity reports (SARs), and the ability to create visual reports on demand.
“Our technology has already established us as a leader in AI, and now, with our newest risk catalogue solution, we’re empowering organizations to proactively manage risks, streamline compliance, and make more informed decisions,” said ThetaRay CEO Peter Reynolds. “We are excited to continue to deepen our collaboration with Microsoft, using their Azure OpenAI Service to enhance our vision of enabling trusted transactions across the financial ecosystem.”
The collaboration will benefit ThetaRay’s global banking and fintech customer base, which includes Santander, Travelex Bank, ClearBank, Onafriq, and Payoneer.
“ThetaRay’s integration with Azure OpenAI Service delivers a solution that empowers financial institutions to enhance key components of their AML efforts, like oversight, reporting, and risk catalogue processes,” added Yina Arenas, vice president of Azure AI at Microsoft Corp. “By integrating generative AI in their financial crime detection solutions, organizations can mitigate risk, drive exceptional efficiencies, and elevate regulatory standards.”
