To secure cross-border payment transfers from financial fraud, Mashreq Bank in the United Arab Emirates is using an AI-driven solution from Tel Aviv-based ThetaRay.
“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, with offices in Europe, Asia, Africa, and the United States.
“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.
The Covid-19 pandemic has sparked a boom in cross-border payments, which are anticipated to increase from $37.15 trillion in 2020 to $39.9 trillion by 2026. As a result, this market is ripe for money laundering, theft, and fraud.
ThetaRay’s anti-money laundering (AML) solution can assist the UAE in becoming a worldwide financial centre that connects the Middle East and Africa with the rest of the globe.
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