Big Data Analytics Leader’s AML for Correspondent Banking Solution Now Available on Azure Marketplace
ThetaRay, a leading provider of AI-based Big Data analytics, announced that it has joined Microsoft’s partner program, One Commercial Partner, which offers best-in-class Cloud-based solutions. As a result, ThetaRay’s AML (Anti-Money Laundering) for Correspondent Banking solution is now available on Microsoft’s Azure Marketplace, where a major U.S. bank has already signed an agreement to use it. ThetaRay and Microsoft will also partner on marketing initiatives, events, blog posts and other activities.
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“We are proud to join the One Commercial Partner program and offer Microsoft Azure customers access to our industry-leading AML for Correspondent Banking solution,” said Mark Gazit, CEO of ThetaRay. “Global banks are increasingly de-risking or abandoning their correspondent banking relationships due to a lack of transparency and fears of money laundering and regulatory fines. Our solution provides banks with the game-changing ability to reverse the trend and grow their business by allowing full visibility into all links of the cross-border payment chain, from originator to beneficiary. We look forward to building upon our relationship with Microsoft by offering additional solutions in the future.”
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While the correspondent banking network offers convenience for customers seeking international reach, it enables criminals to disguise money laundering activity through shell companies or structure accounts that look legitimate. Criminals can also use low-risk countries as intermediaries before the money reaches its final destination. Further complicating matters presently is the coronavirus (COVID-19) crisis, which many global banking executives fear is going to result in a spike of sophisticated financial cyber-crime. Existing AML systems cannot detect new types of money laundering patterns, because they rely upon historical rules implemented by banks to create alerts when known threats are detected. They also create massive amounts of false positives, which increase overall operational costs.
ThetaRay’s rules-free AML for Correspondent Banking solution uses an advanced form of AI called Artificial Intuition to identify anomalies in SWIFT and KYC data that point to money laundering. Artificial Intuition mimics human feelings, perceptions, inferences, hypotheses and reasoning in order to make better decisions. This enables rapid discovery of new and unfamiliar schemes (the “unknown unknowns”), enables early remediation, and ensures that money launderers cannot simply learn and bypass static rules and thresholds as they do to outwit legacy systems.
