Mashreq Bank partners with ThetaRay

ThetaRay and Mashreq Bank of the UAE announced today that they will work on transaction monitoring. ThetaRay’s AI-driven, the next-generation solution enables safe and secure cross-border payment transfers for correspondent banking, as well as financial crime protection.

The Abraham Accords, which were signed in September 2020 to normalize relations between Israel and the UAE, Bahrain, Sudan, and Morocco, resulted in the collaboration between the UAE bank and ThetaRay, a pioneer in its industry.

“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 and Bank MLRO of Mashreq Bank. “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.”

ThetaRay’s anti-money laundering (AML) solution follows the trend of the UAE being a worldwide financial centre that links the Middle East and Africa to the rest of the world. Mashreq Bank, a market leader, will use ThetaRay’s solution to safely expand its business and deliver services to new nations and clients.