December 1, 2022

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ThetaRay’s Correspondent Banking AML Solution to Allow Cecabank to Safely Join Small/Medium-sized Banking companies to the World Money Program

3 min read

NEW YORK, Dec. 17, 2020 /PRNewswire/ — ThetaRay, a primary supplier of AI-dependent Huge Facts analytics, currently announced that its Anti-Income Laundering (AML) for Correspondent Banking alternative has been selected by Spanish wholesale bank Cecabank. The AI-centered technological know-how will empower Cecabank to analyze SWIFT website traffic, danger indicators and consumer/payer/payee knowledge to detect anomalies indicating cash laundering or terrorism funding techniques in correspondent banking transactions.

ThetaRay’s solution is the very first and only AI-based mostly technology that detects criminal techniques across sophisticated, cross-border transaction paths by extracting SWIFT and KYC info to aggregate a ‘Full Transaction Path’ watch. It is primarily based on a proprietary style of equipment studying referred to as ‘artificial intuition’ that can mimic human instinct and gut emotions.

Cecabank gives an critical gateway services, connecting other institutions to the intercontinental banking method and enabling cross-border payments. Cecabank’s aim with this initiative is to make certain the seamless integrity of cash during the total correspondent banking system, which requires full visibility into the banking companies they provide and the capacity to detect abnormal exercise and crime challenges.

“We had been currently utilizing standard regulations-primarily based units, but we needed to raise our potential to check cross-border transactions,” reported Alfredo Oñoro, Compliance Head at Cecabank. “When an business colleague suggested ThetaRay’s AML alternative for correspondent banking, we instantly arrived at out and began discussions. We are particularly impressed with ThetaRay’s engineering and enthusiastic to share its capabilities with our lender clients and, if so asked for, with our regulators.”

“This announcement serves as detect that ThetaRay’s AML for Correspondent Banking resolution is not just for world wide fiscal establishments,” claimed ThetaRay CEO Mark Gazit. “It is also a ideal healthy for mid-sized banks aiming to strengthen their AML controls. Cecabank plays a very important function in the Spanish marketplace, and we are quite happy that they’ve decided on ThetaRay to aid protected their customers’ cross-border transactions.”

“By deciding on ThetaRay’s AI-primarily based engineering, Cecabank is signing up for the most modern monetary establishments,” mentioned Shay Dovev, SVP Business Affairs, ThetaRay. “They can now improved tackle cash laundering and terrorism financing dangers when growing their correspondent banking associations.”

About Cecabank:

Cecabank is a Spanish cash wholesale financial institution committed to giving specialised solutions in securities services, payments, treasury management and digital solutions. At Cecabank we work to offer assistance to financial establishments and other firms working with our knowledge as a wholesale Spanish bank with intercontinental existence. We present innovative, personalized money proposals for our customers, guiding them as a result of their assignments to access their small business goals. We run in all suitable European fiscal markets, allowing us to strengthen the providers we give to our world customers.

About ThetaRay:

ThetaRay is focused to encouraging clientele at significant monetary organizations, cyber security divisions and important infrastructure grow to be a lot more resilient and seize alternatives. Its state-of-the-art analytical answers operate with unparalleled speed, accuracy and scale, enabling purchasers to handle risk, detect funds laundering techniques, uncover fraud, expose lousy financial loans, uncover operational troubles and reveal useful new advancement options. To understand more about ThetaRay, visit www.thetaray.com

Media Get hold of:
Mark Prindle
Fusion PR
[email protected]
917-517-4091

Check out first content: http://www.prnewswire.com/information-releases/thetarays-correspondent-banking-aml-resolution-to-empower-cecabank-to-safely-join-smallmedium-sized-banks-to-the-world wide-economic-process-301193817.html

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