ThetaRay, a leading provider of AI-powered financial crime detection technology, announced the deployment of its new GenAI Financial Crime Detection Suite, made possible through a collaboration with Microsoft. By integrating Microsoft Azure OpenAI Service, ThetaRay is poised to further transform the landscape of financial crime detection, enhancing risk assessment, operational efficiency, and reporting in anti-money laundering (AML) practices.
This deployment is part of ThetaRay’s ongoing integration of advanced GenAI capabilities, aimed at empowering financial institutions of all sizes to combat increasing challenges posed by sophisticated financial crimes, including money laundering and terrorist financing. Amid rising regulatory scrutiny and demand for AI solutions, ThetaRay’s integration with Microsoft delivers a GenAI-powered case manager that enables institutions to detect financial crime, adapt strategies over time, and easily meet legal reporting standards.
Reinforcing its position as a pioneer in AI technology within the financial sector, ThetaRay’s newest GenAI features are designed to streamline operations across various business areas, such as risk detection, investigation support, quality assurance, and reporting. These features ensure consistency in how risks are evaluated across the organization, updating to reflect new threats and trends, ensuring that financial institutions’ AML strategies remain relevant and effective.
To date, customers have already benefited from GenAI being embedded into ThetaRay’s Investigation Center, enhancing operational efficiency of reporting including summarization and narrative creation. Now, a new GenAI-driven risk catalogue will also be released, providing institutions the ability to add risk indicators. Other key enhancements include the monitoring of AML risks through continuous learning from public data sources, automated narrative generation for suspicious activity reports (SARs), and the ability to create visual reports on-demand.
Peter Reynolds, CEO of ThetaRay, said, “Our technology has already established us as a leader in AI, and now with our newest risk catalogue solution, we’re empowering organizations to proactively manage risks, streamline compliance, and make more informed decisions. We are excited to continue to deepen our collaboration with Microsoft, using their Azure OpenAI Service to enhance our vision of enabling trusted transactions across the financial ecosystem.”
The collaboration will benefit ThetaRay’s global banking and fintech customer base, which includes industry leaders such as Santander, Travelex Bank, ClearBank, Onafriq, and Payoneer. With the integration of Microsoft Azure OpenAI Service, ThetaRay customers can expect enhanced operational capabilities, enabling more strategic and informed decision-making. The new GenAI risk catalogue will therefore play a crucial role in optimizing AML efforts by providing clarity, structure, and ongoing risk management capabilities.
Yina Arenas, Vice President, Azure AIat Microsoft Corp., said, “ThetaRay’s integration with Azure OpenAI Service delivers a solution that empowers financial institutions to enhance key components of their AML efforts, like oversight, reporting, and risk catalogue processes. By integrating generative AI in their financial crime detection solutions, organizations can mitigate risk, drive exceptional efficiencies, and elevate regulatory standards.”
