Mashreq Bank implements ThetaRay’s transaction monitoring tech for correspondent banking
UAE-based Mashreq Bank is implementing a new transaction monitoring solution supplied by Israeli anti-money laundering (AML) tech specialist ThetaRay.
Israel-based ThetaRay gains first client in the UAE, Mashreq Bank
ThetaRay says its solution “allows safe and secure cross-border payment transfers for correspondent banking with protection from financial crime”.
The vendor also notes that this deal came to fruition thanks to the Abraham Accords that were signed in September 2020 to normalise relations between Israel and the UAE, Bahrain, Sudan, and Morocco.
Mashreq is ThetaRay’s first customer in the UAE.
“Mashreq seeks to be a leader in building a bank fit for purpose for the future,” states Ellis Wang, the bank’s group head of technology, transformation, and information. “And at its core are capabilities to keep our customers as well as the banking ecosystem safe.”
ThetaRay was founded in 2013. It says its “ground-breaking solution”, based on “artificial intelligence intuition”, provides “unmatchable low false positive rates”.
Last year, it raised $31 million.
Its clients include Santander, ING, OCBC Bank, and ABN Amro (which is also an investor).
