ThetaRay’s, AML (Anti-Money Laundering) for Cross-Border Payments solution is now available as a cloud-based service.

ThetaRay says that its cloud-agnostic offering protects banks, fintechs, PSPs and payments infrastructure companies from sophisticated money laundering schemes hidden within cross-border transactions. Moreover, it decreases total cost of ownership and provides the ability to increase revenues quickly.

In addition, the AI-based solution-as-a-service reduces time-to-value from 6+ months to days.

Until 2019, most banks had only taken their first tentative steps into cloud computing, and rarely for hosting AML solutions. However, with the onset of Covid, cloud-based systems became critical in the pivot to remote working. And the benefits of such solutions became more evident in regard to the AML use case.

As a result, ThetaRay has launched the first and only cloud-based service that analyses SWIFT traffic, risk indicators, and client/payer/payee data to detect anomalies indicating money laundering, terrorism financing and other criminal activities across complex, cross-border transaction paths.

ThetaRay AML on the cloud: ‘artificial intuition’

It is based on a proprietary type of machine learning called ‘artificial intuition’. This mimics human intuition and gut feelings, and is available for all public and private clouds. These include Azure, Google, AWS, IBM Cloud and more.

According to ThetaRay, traditional on-premise AML solutions present several challenges that make them a poor fit for cross-border payments.

They require 6-12 months to put into production. Furthermore, they are incapable of detecting previously unseen criminal schemes. And so, they are inefficient for small and medium sized banks and fintechs that have limited internal resources. In contrast, ThetaRay says that its cloud solution can be up and running within days. It detects even the newest and most sophisticated threats, and requires minimal additional resources and no hardware.

ThetaRay AML on the cloud: accelerating time-to-value

“Our customers are increasingly adopting cloud-based solutions due to their stability and security,” says Mark Gazit, CEO of ThetaRay.

“Our fully scalable cloud service accelerates time-to-value. It reduces the cost of acquisition, and enables companies to increase revenues quickly. It empowers the payments ecosystem to enjoy the long-term operational benefits of secure cross-border transactions. And it does so without having to worry about the maintenance of additional infrastructure.”