Mashreq Bank and ThetaRay have announced they will collaborate in transaction monitoring.
The collaboration between the UAE bank and ThetaRay, a leader in its field, came to fruition thanks to the Abraham Accords that were signed in September 2020 to normalize relations between Israel and the UAE, Bahrain, Sudan, and Morocco.
ThetaRay’s anti-money laundering (AML) solution is in line with the trend to establish UAE as a global financial center that connects the Middle East and Africa to the rest of the world.
ThetaRay’s solution allows banks and fintechs to reduce total cost of ownership (TCO), rapidly expand revenues, improve customer service, and speed ROI from months to only days.
“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.”
“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.”
“Mashreq seeks to be a leader in building a bank fit for purpose for the future,” said Ellis Wang, Group Head of Technology, Transformation and Information, Mashreq Bank. “And at its core are capabilities to keep our customers as well as the banking ecosystem safe. Mashreq will always continue to promote deployment of advanced technologies to achieve this outcome.”
“Mashreq Bank joins the growing community of banks and financial institutions that are using ThetaRay’s technology, including tier-1 banks, payment service providers, financial intelligence units and others,” added Shay Dovev, SVP, Strategic Accounts, ThetaRay.
