Criminal networks are adopting more advanced tactics, which traditional rule-based AML systems find increasingly challenging to keep up with. ThetaRay’s Cognitive AI Transaction Monitoring product has been implemented by Spayce to bolster its financial crime detection capabilities. This solution continuously analyzes large volumes of transaction data, identifying subtle suspicious activities and complex criminal schemes.
Enhancing Security Through AI
By harnessing the power of Cognitive AI, Spayce aims to improve compliance with global regulatory requirements while supporting secure cross-border transactions that benefit the global economy. Spayce serves businesses across 200 countries and is dedicated to achieving deeper visibility into transaction flows without sacrificing speed or customer satisfaction.
As Spayce expands its global payment capabilities, security and AML compliance remain critical aspects of its operations. This partnership with ThetaRay enables the company to combat sophisticated financial threats while delivering enhanced payment experiences for customers worldwide.
ThetaRay’s Mission and Acquisitions
In July 2024, ThetaRay announced that it had acquired Screena, a European screening company. This move supports ThetaRay’s mission to leverage AI in the fight against financial crime and underscores its ongoing investment in proprietary technology. ThetaRay’s SaaS solutions are designed to overcome the limitations of traditional rule-based systems by reducing implementation lifecycles, thereby enabling efficient and risk-aware compliance operations.
ThetaRay’s Cognitive AI Transaction Monitoring solution has been successfully integrated into IDB Bank, helping it maintain regulatory compliance and financial integrity. This partnership highlights ThetaRay’s commitment to assisting financial institutions in identifying legitimate customers and flagging potential bad actors.
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