TEL AVIV, Israel--(BUSINESS WIRE)--ThetaRay, a leading provider of AI-powered transaction monitoring technology announced today that it has been awarded the “Best in Class Compliance Solution Award” at the RemTECH Awards 2023, part of the United Nations-led Global Forum on Remittances, Investment and Development (GFRID). The award recognizes the innovative and impactful contributions made by individuals and organizations in the remittances, investment, and development space.
“We commend ThetaRay on the vision behind its AI technology, enabling the growing number of payment service providers to facilitate low-cost cross-border payments and remittances, helping to bring billions of people better access to the world economy,” said Hugo Cuevas-Mohr, CEO of CrossTech, coordinators of the award.
“ThetaRay's pursuit of excellence will undoubtedly inspire others and set new benchmarks for success in the remittance industry. The Best in Class Compliance Solution Award is a well-deserved recognition of ThetaRay’s exceptional contributions and your positive impact on individuals and communities worldwide,” concluded Priscilla D’Oliveira, COO of CrossTech.
ThetaRay’s cloud-based SONAR solution quickly and accurately monitors financial transactions including for ‘unknown unknowns’ while maintaining up to 99% fewer false positives compared to legacy rules-based AML solutions.
“As new ThetaRay customers, it was an honor to accept the award on their behalf,” said Grace Anyetei, Regional Director of Operations, Africa at Boss Money Wallet. “AI-powered AML technology is an essential part of the global fight against financial crime and we’re proud to be adopters of ThetaRay in Africa as we look towards growing in a secure and sustainable manner.
“Safe and efficient remittance is critical to the financial well-being of millions of families worldwide on a daily basis,” said Peter Reynolds, CEO of ThetaRay. “We are incredibly proud to be bringing cutting-edge AI technology that reduces financial crime and risk while decreasing costs to create sustainable economic development.”
ThetaRay's AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows banks and fintechs to expand their business opportunities and grow revenues through trusted and reliable cross-border payments. The groundbreaking solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay's unmatchable low false positive and high detection rates.
For more information please visit www.thetaray.com