NY-THETARAY
15.3.2023 17:21:35 CET | Business Wire | Press release
ThetaRay, a provider of AI-powered transaction monitoring technology enabling banks and fintechs trusted global payments, today announced it is experiencing heightened demand for its sophisticated SONAR SaaS AI solution that can help maintain smooth and uninterrupted cross-border money transfers amid the latest banking crisis.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230315005707/en/
Mark Gazit, ThetaRay CEO (Photo: Business Wire)
In the fallout of the Silicon Valley Bank (SVB) collapse, with banks experiencing runs on deposits, banks and fintechs require more advanced tools that can monitor transfers quickly and efficiently. Relying on legacy cross-border wire transfers (SWIFT) that can take up to 72 hours is highly challenging during high-volume peaks.
The banking crisis is accelerating the movement of funds to fintechs from banks. ThetaRay’s fully scalable SaaS solution empowers payment fintechs with operational benefits to achieve trusted global transactions without the need to worry about the maintenance of additional infrastructure, while satisfying regulators, improving the customer experience, and quickly opening new revenue streams.
“The SWIFT system established in 1973 is challenged by the new world of digital banking and a massive increase in volumes. ThetaRay AI technology has been proven in leading global banks and fintechs to be efficient in enabling trusted and smooth cross-border payments,” said Mark Gazit, CEO of ThetaRay. “With financial instability becoming an ever-growing factor, AI-based monitoring provides an effective intelligence and operational strategy for banks and fintechs to ensure trust and reliability of cross-border transactions.”
About ThetaRay
ThetaRay's AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows banks and fintechs to expand their business opportunities through safe 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.
Learn more at www.thetaray.com.
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