- ThetaRay, which is a leading artificial intelligence provider in the financial technology sector, has been awarded the ‘Best Anti-Money Laundering (AML) Solution Award’ at the FinTech Breakthrough Awards.
- This year is the second time in a row that ThetaRay has been given an award by FinTech Breakthrough, which is an independent market intelligence group.
- “Our AML solution is a game-changer in that, unlike traditional systems, it detects the earliest signs of even the newest money laundering typologies,” said a senior spokesperson for the company.
ThetaRay, a financial technology provider with an artificial intelligence offer, has been given a leading award.
ThetaRay, which is known for its work in the cross-border payments sector, has been told that it has won the ‘Best Anti-Money Laundering (AML) Solution Award’ in the sixth annual FinTech Breakthrough Awards programme.
ThetaRay claims to be a market leader in the application of artificial intelligence to payments technology.
It is understood that the firm is able to defend organisations from a range of issues such as terrorist financing and money laundering.
The company also provides some cybersecurity services.
This year is the second successive year that ThetaRay has been given an award by FinTech Breakthrough.
FinTech Breakthrough is an independent market intelligence group.
It works in the sector to help companies recognise the various different types of products and services in the industry.
In a statement, the chief executive officer of the company said that it was especially sensitive to newer money laundering types.
Mark Gazit argued that the anti-money laundering solution on offer was a “game-changer”.
“Our AML solution is a game-changer in that, unlike traditional systems, it detects the earliest signs of even the newest money laundering typologies,” he said.
He added that this allows organisations in the financial institutions sector to make the most of access to the cross-border payments world.
“This helps enable growth for banks and fintechs by allowing them to tap into the $35 trillion cross-border payments market without increasing their risk,” he explained.
A statement from ThetaRay went on to provide more details about the FinTech Breakthrough Awards and what they stood for.
It explained the different categories that companies that won might fall into.
“The FinTech Breakthrough Awards is the premier awards program founded to recognize the fintech innovators, leaders and visionaries from around the world in a range of categories, including digital banking, personal finance, lending, payments, investments, regtech, insurtech and many more,” it said.
The statement also went on to explain a little more about the Know Your Customer (KYC) process it could offer.
“ThetaRay’s process also provides insights on customer identity where KYC information is lacking, creating risk profiles of non-customers and transparency across complex paths,” it said.
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