ThetaRay, a leading provider of AI-powered transaction monitoring technology, announced that it has joined the Microsoft Cloud Solution Provider program with its SONAR solution now available at the Microsoft Azure Marketplace. To date, more than 50 banks and fintechs around the world implement ThetaRay’s solution, hosted on Microsoft Azure. Among those that have adopted the technology are some of the world’s leading banks including Santander, Mashreq Bank, Travelex Bank and ClearBank as well as many fintechs around the world.
“ThetaRay’s technology is different because it utilizes advanced unbiased AI which truly makes rules-based-only technologies and ‘traditional’ biased AI a thing of the past,” said Peter Reynolds, CEO of ThetaRay. “We are delighted to be integrating with Microsoft to help banks and fintechs grow their business while reducing risk, enabling significant efficiencies that have a real and direct impact on end-customer experience while, at the same time, taking into account global regulations.”
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Unlike traditional artificial intelligence methods being used by many Anti-Money Laundering technology providers, ThetaRay’s technology, which has over 1 billion end users and monitors over 15 billion transactions per year, includes proven, advanced machine learning (ML) already in use globally. Importantly, ThetaRay’s unbiased AI does not require data labeling or long Machine Learning (ML) training times and provides true, out-of-the-box, artificial intelligence capabilities.
ThetaRay’s full-stack detection platform leverages a combination of rules-based, AI/ML risk-based and network visualization to provide maximum insight into financial networks to detect financial crime. The cloud-based SaaS system allows banks and fintechs to rapidly grow their business while complying with global regulators and reducing risk. At the same time, financial institutions can increase efficiency by reducing false positive alerts by up to 90%, cutting analyst time in half and detecting the ever-present ‘unknown unknowns’.
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As part of its status as Microsoft Cloud Solution Provider, ThetaRay’s SONAR solution is now available through the Microsoft Azure Marketplace, an online store providing applications and services for use on Azure. ThetaRay customers can now take advantage of the productive and trusted Azure cloud platform, with streamlined deployment and management.
“Through Microsoft Azure Marketplace, customers around the world can easily find, buy, and deploy partner solutions they can trust, all certified and optimized to run on Azure,” said Jake Zborowski, General Manager, Microsoft Azure Platform at Microsoft Corp.“We’re happy to welcome ThetaRay’s SONAR solution to the growing Azure Marketplace ecosystem.”
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