Finance Incorporated Limited, a leading electronic money service provider, has announced that it has selected ThetaRay's AI-powered transaction monitoring technology to enhance its Anti-Money Laundering (AML) framework and grow its business alongside increasing volumes of transaction data. The partnership marks ThetaRay's entry into the Malta fintech market.
As per the agreement, ThetaRay will implement its SaaS-based SONAR AI solution, which will allow Finance Incorporated Limited to integrate multiple datasets for risk-based transaction monitoring and significantly enhance the accuracy of AML operations. ThetaRay's advanced machine-learning engine will also reduce false positives by up to 99% while increasing the automatic ability to spot new typologies as they emerge.
ThetaRay's AI-powered SONAR transaction monitoring solution leverages AI to allow banks and fintechs to expand their business opportunities through safe and reliable cross-border payments. The solution also aims to improve customer satisfaction, reduce compliance costs and increase risk coverage.
Mark Gazit, ThetaRay’s CEO, emphasized the importance of utilizing update technology to keep up with modern security demands. “The new digital era requires new-generation AI-based tools to manage the massive volume of global financial transactions. Financial crime vectors can change in a matter of seconds. ThetaRay’s advanced AI uses augmented and unsupervised AI which makes it the only system that can identify both known and unknown criminal activities, enabling fintechs and banks to emend trust in their transactions and grow revenues,” he said.
What is Finance Incorporated Limited?
Finance Incorporated Limited is a licensed and regulated electronic money institution based in Malta that delivers account, payments, and card services to corporate and retail clients, as well as financial institutions.
“Our business is built entirely on trust. We repay our customers’ faith in us by placing regulatory requirements at the core of our operations. When seeking the ideal platform for transaction monitoring, our primary concern was to serve the business in the most robust way possible,” said Noel Bartolo, Finance Incorporated Limited's Chief Compliance Officer.
According to Bartolo, the collaboration with ThetaRay reinforces the company's commitment to remain ahead of the curve across all its operations. “AI-powered transaction monitoring technology ensures that Finance Incorporated Limited ‘s AML control framework is strengthened and future-proofed while having the ability to scale,” Bartolo said.