ThetaRay, a provider of AI-powered transaction monitoring technology, and Millennium EBS, a payment hub solutions provider, have announced a strategic partnership to offer an end-to-end, user-friendly, and advanced compliance solution for the banking industry’s payments.
In this partnership, ThetaRay’s compliance solution will be seamlessly integrated into Millennium EBS’s payment hub platform, enabling banks and financial institutions to benefit from real-time monitoring, accurate risk analysis, and actionable insights. This integrated solution aims to help institutions effectively manage risks and stay ahead of evolving regulatory challenges.
Millennium EBS president Shinto Matthew 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 payment hub platform provides a comprehensive suite of services that optimize payment operations and drive operational excellence for financial institutions.
The platform includes payment orchestration across various channels, compliance management for anti-money laundering (AML), sanctions screening, and fraud detection. Additionally, it offers remittance solutions, Know Your Customer (KYC) and Know Your Business (KYB) services, and ISO 20022 translation.
ThetaRay’s cloud-based SONAR solution offers rapid and precise monitoring of financial transactions, identifying anomalies including “unknown unknowns,” while maintaining up to 99% fewer false positives compared to traditional rule-based AML solutions. Alongside transaction monitoring, Millennium EBS will also implement ThetaRay’s real-time sanctions screening.
The partnership between ThetaRay and Millennium EBS aims to address the pressing compliance needs of banks by combining ThetaRay’s advanced transaction monitoring capabilities with Millennium EBS’s expertise in payment hub solutions.
The integrated compliance solution is expected to enhance risk management practices, improve operational efficiency, and support banks in meeting regulatory requirements in a rapidly evolving financial landscape.
ThetaRay CEO Mark Gazit 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.”
