Built-in transaction monitoring/filtering system ensures safe cross-border transfers and prevents violations of sanctions imposed on Russia following the invasion of Ukraine
NEW YORK, TEL AVIVand LONDON, March 2, 2022 /PRNewswire/ — ThetaRay, provider of AI-powered financial transaction monitoring technology to protect banks and fintechs from financial crime, today announced that its system can identify sophisticated attempts to circumvent economic and trade sanctions and assist governments and financial institutions to maintain smooth and uninterrupted correspondent banking activities.
Following on from last week Ukraine invasion, the United States, United Kingdom and other Western democracies imposed severe economic and trade sanctions on Russia, forcing financial institutions to equip themselves with the tools to enforce the measures without disrupting the business activities of innocent people. ThetaRay’s monitoring and filtering solution enables financial institutions and governments to identify manual and cyber-automated attempts to breach these sanctions.
ThetaRay’s solution monitors global cross-border payments by analyzing SWIFT traffic, risk indicators and customer data to detect suspicious activity on complex cross-border transaction lanes, including the use of fictitious people and companies. It also screens transactions for the financial activities of people who have been placed on sanctions lists.
“ThetaRay’s technology enables the unimpeded flow of global payments by organizations and peoples while preventing money transfers by sanctioned totalitarian regimes and criminals,” said Erel Margalit, Founder and President of JVP and Chairman of the Board of ThetaRay. “Instead of blocking entire countries and economies, it can only block illegitimate sources. This system can strengthen SWIFT because it can protect the transfer of funds to legitimate people. The ThetaRay system is the answer for countries in the world. NATO and the West to apply sanctions against Russia.”
The ThetaRay SaaS solution for transaction monitoring and filtering can be integrated quickly and easily, with minimal adaptation required.
“In today’s reality, the ThetaRay solution is something every bank and financial institution needs to ensure full participation in the global payment and monetary system,” said Marc Gazit, CEO of ThetaRay. “By deploying intuitive AI, the ThetaRay system can tackle sophisticated money laundering schemes, terrorist financing and the enforcement of global regulatory sanctions without harming ongoing financial activities.”
ThetaRay’s revolutionary AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition”, enables banks and fintechs to expand their business opportunities through safe and secure cross-border payments. reliable. This revolutionary solution also improves customer satisfaction, reduces compliance costs and increases risk coverage. ThetaRay’s technology is the only SaaS offering that analyzes SWIFT traffic, risk indicators and customer/payer/payee data to detect anomalies indicative of money laundering activity across complex cross-border transaction pathways on one platform. single unified. Financial organizations that rely on highly heterogeneous and complex ecosystems greatly benefit from ThetaRay’s unparalleled low false positive rates and high detection rate.
Contact: Marc PrindleFusion PR, [email protected], +1 (917) 517-4091
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