ThetaRay, an artificial intelligence (AI) powered transaction monitoring technology provider, has formed a strategic partnership with payment hub solutions leader, Millennium EBS, to advance compliance solutions in the banking industry.

As part of the collaboration, ThetaRay’s compliance solution will be integrated into Millennium EBS’s payment hub platform, enabling banks and financial institutions to effectively manage risks and adapt to changing regulatory landscapes in real-time.

Shinto J. Matthew — Millennium EBS President said:  “We are thrilled to partner with ThetaRay to revolutionize compliance solutions for our clients.

“By integrating ThetaRay’s innovative compliance technologies into our payment hub platform, we are equipping financial institutions with powerful tools to strengthen risk management, safeguard their operations, and ensure regulatory compliance.”

Millennium EBS’s comprehensive platform, known for optimizing payment operations, offers a wide array of services including payment orchestration across multiple channels, compliance management for anti-money laundering (AML), sanctions screening, fraud detection, remittance solutions, Know Your Customer (KYC)/Know Your Business (KYB) services, and ISO 20022 translation.

ThetaRay’s cloud-based SONAR solution will enhance these services, with its capacity to monitor financial transactions for anomalies swiftly and accurately, maintaining 99% fewer false positives than traditional rules-based AML solutions. Moreover, Millennium will also implement ThetaRay’s real-time sanctions screening tool, offering an end-to-end, user-friendly and advanced compliance solution for the banking sector.

Mark Gazit — ThetaRay CEO said: “The basis for faster and more integrated payments of all types is a safe and secure financial system which can only be achieved with an efficient and effective AI-based solution.

“We’re excited to welcome Millennium EBS to the AI-powered AML revolution.”

  anti-money laundering, artificial intelligence, Banking industry news, compliance, Fintech industry news, Mark Gazit, Millennium EBS, risk management, Shinto J. Matthew, ThetaRay