Mashreq Bank of the United Arab Emirates is implementing an AI-driven solution from Tel Aviv-based ThetaRay to protect cross-border payment transfers from financial crime.

“ThetaRay’s technology, underpinned by advanced machine-learning based models complementing rules, sets the foundation for next-generation transaction monitoring,” said Scott Ramsay, Group Head of Compliance at Mashreq Bank, which has international offices in Europe, Asia, Africa and the US.

“By combining speed and agility with efficiency, it allows banks to effectively thwart financial crime risks in the increasingly complex space of cross-border payments,” Ramsay said.

Mark Gazit, ThetaRay’s CEO. Photo courtesy of ThetaRay

The Covid-19 pandemic has triggered an upsurge in the volume of cross-border payments, a market expected to grow from $37.15 trillion in 2020 to $39.9 trillion by 2026. This market is therefore a prime target for money laundering, theft and fraud.

ThetaRay’s anti-money laundering (AML) solution can help facilitate the UAE’s rise as a global financial center connecting the Middle East and Africa to the rest of the world.

“Mashreq Bank is our first customer in the UAE,” said Mark Gazit, CEO of ThetaRay. “We look forward to accelerating collaboration with additional financial institutions in the UAE and the entire Middle East, as part of the continued expansion of ThetaRay’s global reach.”