Mashreq Financial institution Chooses Thetaray Transaction Monitoring Answer for Correspondent Banking


DUBAI, UAE, TEL AVIV, Israel and NEW YORK, Feb. 14, 2022 /PRNewswire/ — Mashreq Financial institution of the UAE and ThetaRay in the present day introduced they may collaborate in transaction monitoring. The implementation of ThetaRay’s AI-driven, next-generation answer permits protected and safe cross-border cost transfers for correspondent banking with safety from monetary crime.

The collaboration between the UAE financial institution and ThetaRay, a pacesetter in its subject, got here to fruition because of the Abraham Accords that have been signed in September 2020 to normalize relations between Israel and the UAE, Bahrain, Sudan, and Morocco.

“ThetaRay’s know-how, underpinned by superior machine-learning-based fashions complementing guidelines, units the muse for next-generation transaction monitoring,” stated Scott Ramsay, Group Head of Compliance and Financial institution MLRO of Mashreq Financial institution. “By combining velocity and agility with effectivity, it permits banks to successfully thwart monetary crime dangers within the more and more complicated house of cross-border funds.”

ThetaRay’s anti-money laundering (AML) answer is in keeping with the development to ascertain UAE as a world monetary heart that connects the Center East and Africa to the remainder of the world. Mashreq Financial institution, being one of many leaders on this house, will use ThetaRay’s answer to facilitate its progress safely and supply companies to extra nations and prospects.

“Mashreq Financial institution is our first buyer within the UAE,” stated Mark Gazit, CEO of ThetaRay. “We sit up for accelerating collaboration with further monetary establishments within the UAE and your complete Center East, as a part of the continued growth of ThetaRay’s international attain.”

The COVID-19 period has triggered an upsurge within the quantity of cross-border funds, a market that’s anticipated to develop from $37.15 trillion in 2020 to $39.9 trillion by 2026. This market is a primary goal for monetary crimes similar to cash laundering, theft and fraud.

“Mashreq seeks to be a pacesetter in constructing a financial institution match for goal for the longer term,” stated Ellis Wang, Group Head of Know-how, Transformation and Info, Mashreq Financial institution. “And at its core are capabilities to maintain our prospects in addition to the banking ecosystem protected. Mashreq will all the time proceed to advertise deployment of superior applied sciences to realize this consequence.”

ThetaRay’s answer permits banks and fintechs to scale back complete value of possession (TCO), quickly increase revenues, enhance customer support, and velocity ROI from months to solely days. 

“Mashreq Financial institution joins the rising neighborhood of banks and monetary establishments which can be utilizing ThetaRay’s know-how, together with tier-1 banks, cost service suppliers, monetary intelligence items and others,” added Shay Dovev, SVP, Strategic Accounts, ThetaRay.    

About Mashreq Financial institution

One of many UAE’s greatest performing banks for over 5 a long time, Mashreq Financial institution is a number one monetary establishment with an increasing footprint throughout the Center East with a robust presence within the monetary capitals of the world with worldwide workplaces in Europe, Asia, Africa and the US.

About ThetaRay

ThetaRay’s groundbreaking answer, primarily based on “synthetic intelligence instinct,” permits banks to increase their enterprise alternatives by reaching protected and dependable cross-border cost monitorization. Monetary organizations that depend on extremely heterogeneous and complicated ecosystems profit significantly from ThetaRay’s unmatchable low false constructive charges.

For extra data, go to

Mark Prindle 
Fusion PR 
[email protected]


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