Financial Crime Compliance Boosted: IDB Bank Teams Up with ThetaRay
ThetaRay, a global leader in Cognitive AI for financial crime compliance, has teamed up with IDB Bank, a private and commercial bank based in New York. This strategic alliance highlights the bank’s commitment to upholding top-tier regulatory compliance and financial integrity, while ensuring secure and efficient services for its clients. The partnership marks a significant step for both organizations, aligning IDB Bank’s dedication to regulatory compliance and operational integrity with ThetaRay’s cutting-edge technological solutions aimed at combating financial crime.
“We are delighted to add IDB Bank to the fast-growing list of global banks using our solution,” said Peter Reynolds, CEO of ThetaRay. “The US is a key market for us, and we see a clear need for financial institutions to focus on enhancing their ability to detect and combat financial crime. Our Cognitive AI solution, a first of its kind, enables us to distinguish between legitimate businesses and honest customers looking to make safe transactions, and the bad actors who threaten the integrity of the global financial system.”
ThetaRay’s innovative technology is designed to empower financial institutions by providing a highly effective means of detecting suspicious activities while minimizing the risks of false positives. The Cognitive AI system analyzes vast amounts of transaction data and patterns, using machine learning to uncover hidden threats that traditional rule-based systems might miss. This allows banks like IDB to focus their resources on protecting legitimate customers while safeguarding their operations from emerging financial crimes, such as money laundering, fraud, and terrorist financing.
Ziv Biron, President and CEO of IDB Bank, expressed confidence in the partnership, stating, “We believe our collaboration with ThetaRay will strategically enhance our operational capabilities and core competencies, enabling us to continue providing top-tier service to our clients in an increasingly complex financial environment. By integrating ThetaRay’s next-generation technology, we aim to introduce a robust solution that will strengthen our defenses against financial crime, enhancing both our customer protections and operational security.”
Erel Margalit, Chairman of ThetaRay and founder of JVP, also commented on the significance of the partnership. “I am thrilled to see our partners at IDB engage ThetaRay as they strengthen their fight against financial crime,” he said. “As the crime becomes more sophisticated, AI is becoming the key to coping with challenges like drug and human trafficking, terrorist financing, cross-border payments, and correspondent banking. AI enables secure and efficient international financial transactions, creating productive corridors of trade and finance.”
ThetaRay has been instrumental in empowering financial institutions across the globe, with a presence in Europe, South America, and Africa. By enabling secure international trade and finance, ThetaRay’s solutions help legitimate actors operate with confidence while intercepting bad actors. With the complexity and sophistication of financial crimes continuously evolving, AI’s role in tackling these challenges has become indispensable. The institutions like IDB Bank are turning to advanced technology to stay ahead of threats and ensure compliance with increasingly stringent regulations.
For IDB Bank, this partnership with ThetaRay is a natural extension of its broader strategy to leverage technology for superior service delivery and to foster customer and regulatory confidence. By integrating ThetaRay’s Transaction Monitoring solution, IDB Bank strengthens its commitment to being a trusted partner within the global financial ecosystem. The integration is expected to enhance the bank’s ability to detect suspicious transactions, reduce operational risks, and improve customer experience by offering faster, more accurate the services.
About IDB Bank:
IDB Bank is a New York State-chartered commercial bank, a member of the FDIC, and a wholly owned subsidiary of Israel Discount Bank LTD., one of Israel’s leading the institutions. In addition to its Manhattan headquarters, IDB Bank operates full-service offices in California, Florida, and the tristate area, including branch locations in Brooklyn, N.Y., Staten Island, N.Y., and Short Hills, N.J. The bank offers a complete range of private banking and commercial banking services to U.S. and international clients. For 75 years, IDB Bank has built its reputation on strong client relationships, swift decision-making, and the ability to develop custom-tailored the solutions for its diverse clientele.
About ThetaRay:
ThetaRay harnesses the power of Cognitive AI for financial crime compliance, enabling the institutions to precisely identify legitimate customers while flagging potential bad actors. Its SaaS solutions transcend the limitations of traditional rule-based systems, enabling more efficient and risk-aware compliance operations. By uncovering hidden criminal networks and delivering actionable insights, ThetaRay helps organizations combat evolving threats, maintain positive relationships with regulators, and enhance the overall customer experience.
ThetaRay’s solutions are trusted by some of the world’s leading financial institutions, including Santander, Clear Bank, Mashreq Bank, Payoneer, Onafriq, and Travelex. Through its innovative technology, ThetaRay empowers financial institutions to thrive and fosters trust across the global ecosystem.
