Israel's ThetaRay signs partnership agreement with Google against money laundering

The company's advanced solution, based on AI, uncovers the malicious plans hidden within complex cross-border transactions, and accelerates the global fund transfer process 

Mark Gazit, CEO of ThetaRay. Photo courtesy of the company

Israel's ThetaRay, which enables the acceleration of global payments while defending financial institutions from financial crime, announced the signing of a global partnership with Google Cloud to protect banks, fintechs, and payments infrastructure companies against money laundering activity hidden within cross-border transactions. Through the cooperation, ThetaRay's recently announced cloud-based AML solution for cross-border payments will be available as a service on Google Cloud.

When the COVID-19 pandemic hit, the financial industry and international payments ecosystem increased their adoption of cloud-based systems to accommodate remote working.  As a result, there is an increasing requirement for solutions that can detect money laundering in a cloud-based environment. Google Cloud's global, reliable infrastructure delivers game-changing solutions on a global scale, the company said. 

ThetaRay's solution is one of the only packaged SaaS offerings that analyzes SWIFT traffic, risk indicators and client/payer/payee data to detect anomalies indicating money laundering activity across complex, cross-border transaction paths. It is also one of the only solutions based on AI technologies that can be easily integrated and deployed within days, with minimal implementation required.

"The financial industry has experienced unprecedented disruption over the past year, and this unpredictability has created new attack vectors for money launderers, human traffickers, organized crime groups and other criminals," said Mark Gazit, CEO of ThetaRay. "With availability on Google Cloud, ThetaRay is offering banks and payment providers defense against even the most sophisticated money laundering schemes, empowering them to protect their customers, avoid regulatory penalties and prevent reputational damage." 

ThetaRay's solution is based on the new generation of AI technology called Artificial Intuition that can mimic human feelings, perceptions, inferences, hypotheses and reasoning in order to make better decisions. This enables the rapid discovery of both known and unknown money laundering threats, with an unprecedented 95% detection rate and 90% reduction in false positives compared to rules-based AI solutions.

"We're pleased that ThetaRay will bring its solutions for the financial services industry to Google Cloud," said Chris Arisian, Director of ISV Partnerships for Google Cloud. "Deploying ThetaRay on Google Cloud can help banks and other financial services institutions build and scale their digital infrastructure, securely and safely."

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