ThetaRay, a provider of AI-powered financial crime detection technology, has announced the deployment of its new GenAI Financial Crime Detection Suite, made possible through a collaboration with Microsoft.
By integrating Microsoft Azure OpenAI Service, ThetaRay is poised to further transform the landscape of financial crime detection, enhancing risk assessment, operational efficiency and reporting in anti-money laundering (AML) practices.
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This deployment is part of ThetaRay’s ongoing integration of advanced GenAI capabilities, aimed at empowering financial institutions of all sizes to combat increasing challenges posed by sophisticated financial crimes, including money laundering and terrorist financing.
Amid rising regulatory scrutiny and demand for AI solutions, ThetaRay’s integration with Microsoft delivers a GenAI-powered case manager that enables institutions to detect financial crime, adapt strategies over time, and easily meet legal reporting standards.
ThetaRay’s GenAI features are designed to streamline operations across various areas, such as risk detection, quality assurance and reporting
These features ensure consistency in how risks are evaluated across the organisation, updating to reflect new threats and trends, ensuring that financial institutions’ AML strategies remain relevant and effective.
Peter Reynolds, CEO of ThetaRay, 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.”
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By GlobalDataYina Arenas, Vice President, Azure AIat Microsoft Corp., added: “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.”
