Israeli AI financial crime detection technology provider ThetaRay, in collaboration with technology company Microsoft, deployed its new GenAI Financial Crime Detection Suite.
The new GenAI suite leverages Microsoft Azure OpenAI Service to enhance financial crime detection, risk assessment, and reporting in anti-money laundering (AML) practices.
ThetaRay said the deployment, part of its ongoing integration of GenAI capabilities, aims to help financial institutions fight against financial crimes.
It delivers a GenAI-powered case manager that allows institutions to detect financial crime, adapt strategies over time, and meet legal reporting standards.
The new GenAI features are designed to simplify operations across various business areas, such as risk detection, investigation, quality assurance, and reporting, said ThetaRay.
ThetaRay CEO Peter Reynolds said: “Our technology has already established us as a leader in AI, and now with our newest risk catalogue solution, we’re empowering organisations 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.”
Key features of the new Gen AI suite include a new GenAI-driven risk catalogue that allows institutions to add risk indicators, and the ability to create visual reports on demand.
It also enables monitoring of AML risks through continuous learning from public data sources and automated narrative generation for suspicious activity reports (SARs).
ThetaRay’s customer base, including Santander, Travelex Bank, ClearBank, Onafriq, and Payoneer, will benefit from the collaboration.
With the integration of Microsoft Azure OpenAI Service, ThetaRay customers expect enhanced operational capabilities, to make more strategic and informed decision-making.
Azure AIat Microsoft vice president Yina Arenas 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, organisations can mitigate risk, drive exceptional efficiencies, and elevate regulatory standards.”
