ThetaRay, a leading provider of AI-powered transaction monitoring technologies, today announced it has joined the Microsoft Cloud Solution Provider program with its SONAR solution, now available on the Microsoft Azure Marketplace. To date, more than 50 banks and fintechs around the world implement ThetaRay's solution, hosted on Microsoft Azure. Among those adopting the technology are some of the world's leading banks, including Santander, Mashreq Bank, Travelex Bank and ClearBank, as well as many fintechs around the world.
“ThetaRay's technology is different because it uses advanced unbiased AI that truly makes rules-only technologies and 'traditional' biased AI a thing of the past,” he said. Peter Reynolds, CEO of ThetaRay . “We are delighted to integrate with Microsoft to help banks and fintechs grow their business by reducing risk, enabling meaningful efficiencies that have a real and direct impact on the end customer experience, while addressing global regulations.”
Unlike traditional AI methods used by many anti-money laundering technology vendors, ThetaRay's technology, which has over 1 billion end users and monitors over 15 billion transactions annually, includes proven advanced machine learning (ML) already in use globally. Importantly, ThetaRay's unbiased AI does not require data labeling or lengthy machine learning (ML) training time, and provides true, out-of-the-box AI capabilities.
ThetaRay's full-stack detection platform leverages a combination of rule-based, risk-based AI/ML and network visualization to provide the ultimate understanding of financial networks to detect financial crimes. The cloud-based SaaS system enables banks and fintechs to grow their business rapidly while complying with global regulations and reducing risk. At the same time, financial institutions can increase efficiency by reducing false positive alerts by up to 90%, cutting analyst time in half and detecting the ever-present “unknowns”.
As part of its status as a Microsoft Cloud Solution Provider, ThetaRay's SONAR solution is now available through Microsoft Azure Marketplace, an online store that provides applications and services for use on Azure. ThetaRay customers can now leverage the productive and reliable Azure cloud platform, with simplified deployment and management.
“Through the Microsoft Azure Marketplace, customers around the world can easily find, purchase and deploy trusted partner solutions, all certified and optimized to run on Azure,” said Jake Zborowski, General Manager, Microsoft Azure Platform at Microsoft Corp. “We are delighted to welcome ThetaRay's SONAR solution to the growing Azure Marketplace ecosystem.”
ThetaRay's AI-powered SONAR transaction monitoring solution, powered by “AI insight,” enables banks and fintechs to expand their business opportunities and increase revenues through trusted and reliable cross-border payments. The innovative solution also improves customer satisfaction, reduces compliance costs and increases risk coverage. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay's unmatched low false positive rates and high detection rates.
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