Regtech ThetaRay will work with IDB Bank, a subsidiary of Israel Discount Bank LTD, to combat financial crime.
IDB Bank is an FDIC-insured commercial bank based in New York with offices in California, Florida, and the tri-state area.
ThetaRay uses cognitive AI to combat financial crime and compliance, flagging bad actors and halting nefarious actions before they occur.
ThetaRay is being utilized by a growing number of firms, including Santander, Clear Bank, Mashreq Bank, Payoneer, Onafriq, and Travelex. ThetaRay reports over 100 institutional customers and $20 trillion in transactions monitored since its inception. The company reports 15 billion transactions monitored annually claiming a 30% improvement in suspicious activity reported.
Peter Reynolds, CEO of ThetaRay, said the US is a key market, and their service is the first of its kind to leverage cognitive AI to protect its clients.
The partnership is said to align with IDB Bank’s strategy to leverage technology to deliver improved services and greater confidence.
ThetaRay claims that its data-driven approach strengthens financial crime compliance and provides faster, more accurate alerts/results through cognitive AI transaction monitoring.
