ThetaRay brings cognitive AI financial crime detection to US bank, IDB

IDB Bank, a New York-based private and commercial bank, is partnering with ThetaRay, a global leader in Cognitive AI Financial Crime Compliance, to implement ThetaRay’s  Transaction Monitoring solution. This collaboration marks a significant step for IDB Bank in its commitment to maintaining high standards of regulatory compliance and financial integrity while ensuring secure and efficient service for its clients.

The partnership will see IDB Bank integrate ThetaRay’s innovative technology to enhance its ability to detect and combat financial crimes. The Cognitive AI solution is designed to distinguish between legitimate transactions and those of bad actors, thereby allowing financial institutions to effectively serve their customers while intercepting illicit activities. It allows the normative individuals transfer money to do business, while stopping the bad actors in their tracks. This technology is especially pertinent in today’s complex financial landscape, where threats from drug and human trafficking, terror financing, and other illicit activities continue to evolve, and where doing business is often hampered by slow and cumbersome compliance processes.

Peter Reynolds, CEO of ThetaRay, expressed his enthusiasm about the partnership, stating, “We are delighted to add IDB Bank in New York to the fast-growing list of global banks using our solution”. He also noted that “The US is a key market we are growing in and we see the clear need for financial institutions to continue focusing on their ability to detect financial crime”. Reynolds added that their “Cognitive AI solution, a first of its kind, distinguishes between the ‘good guys’ and the ‘bad guys’, the legitimate business and honest customers looking to make safe transactions, and the bad actors of this world” and that “ThetaRay provides solutions that empower our clients effectively serving both new and existing customers”.

Ziv Biron, President & CEO of IDB Bank, also commented on the strategic importance of this partnership. He stated, “We are confident that our partnership with ThetaRay will strategically enhance our operational fortitude and core competencies to serve our clients in an increasingly nuanced financial services environment,”. Biron added, “In leveraging ThetaRay’s next generation technology, we hope to introduce an innovative solution that will allow IDB to continue providing strong protections within the financial services industry, for our customers and operations against financial crime”.

Erel Margalit, Chairman of ThetaRay and founder of JVP, emphasized the importance of AI in coping with the sophistication of financial crimes. He noted, “AI is becoming the way forward to cope with the sophistication of drug and human trafficking, terror financing, cross-border payments, and correspondent banking”. He also said, “AI also serves as the enabler for productive corridors of trade and finance, facilitating international financial transactions in a secure and efficient manner,” and that he is “delighted to have our partners at IDB engage ThetaRay as they move forward in their continuous fight against financial crime,”.

ThetaRay’s technology aims to overcome the limitations of traditional rule-based systems by offering solutions that shorten implementation lifecycles and enable more efficient, risk-aware compliance operations. By identifying hidden criminal networks and delivering actionable insights, ThetaRay empowers organizations to address evolving threats effectively, maintain positive relationships with regulators, and improve customer experiences.

ThetaRay’s solution has already been implemented in other leading international banks in Europe, South America, and Africa. The company boast that the “technology enables international trade corridors by ensuring legitimate actors can operate with confidence while intercepting bad actors”.

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