Lucinity’s AML solution is aimed at helping teams make better decisions. Image by Gerd Altmann from Pixabay.

The partnership will see Millennium EBS’s payment hub platform adopt ThetaRay’s compliance solution. The move will give banks and financial institutions real-time monitoring, accurate risk analysis, and insights to manage risks and stay ahead of regulatory challenges.

Millennium EBS’s payment hub platform offers services designed to optimise payment operations. Its services include payment orchestration across multiple channels, compliance management for anti-money laundering (AML), sanctions screening and fraud detection, as well as remittance solutions, KYC/KYB services and ISO 20022 translation.

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“We are thrilled to partner with ThetaRay to revolutionise compliance solutions for our clients”, said Shinto J. Matthew, president of Millennium EBS. “By integrating ThetaRay’s innovative compliance technologies into our payment hub platform, we are equipping financial institutions with powerful tools to strengthen risk management, safeguard their operations, and ensure regulatory compliance.”

ThetaRay and the fight against financial crime

The impact of cybersecurity in the banking and payments industry is growing after a recent spate of fraudulent activities. Recent GlobalData research shows fraud losses reached 0.04% of global card payment value in 2022, as a result of more people shopping online and leaving behind digital footprints for fraudsters to pick up on.

In May, ThetaRay partnered with Sylq to improve Sylq’s AML and customer screening processes. In April, the Israeli fintech joined forces with digital payment fintech VigiPay. The partnership saw VigiPay adopt ThetaRay’s SONAR AI solution, a cloud-based transaction monitoring and screening platform designed to detect the earliest signs of complex money laundering activity.

Mark Gazit, CEO of ThetaRay, welcomed the collaboration with Millennium.

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“The basis for faster and more integrated payments of all types is a safe and secure financial system which can only be achieved with an efficient and effective AI-based solution”, Gazit said. “We’re excited to welcome Millennium EBS to the AI-powered AML revolution.”