22 December 2020 14:17 GMT
ThetaRay, a leading provider of AI-based Big Data analytics, today announced that its Anti-Money Laundering (AML) for Correspondent Banking solution has been chosen by Spanish wholesale bank Cecabank. The AI-based technology will enable Cecabank to analyze SWIFT traffic, risk indicators and client/payer/payee data to detect anomalies indicating money laundering or terrorism financing schemes in correspondent banking transactions.
ThetaRay's solution is the first and only AI-based technology that detects criminal schemes across complex, cross-border transaction paths by extracting SWIFT and KYC data to aggregate a 'Full Transaction Path' view. It is based on a proprietary type of machine learning called 'artificial intuition' that can mimic human intuition and gut feelings.