With fast-growing digital payment transactions, AI-based AML (Anti-Money Laundering) technology is key to fighting crime effectively and efficiently

ThetaRay , the leading provider of AI-based transaction tracking technology and Millennium EBS , the global leader in payment hub solutions, announced today that today a strategic partnership designed to provide a complete, easy-to-use and advanced compliance solution for payments in the banking industry.

Through this partnership, ThetaRay's compliance solution will be seamlessly integrated into Millennium EBS' payment hub platform, providing banks and financial institutions with real-time monitoring, correct risk analysis and actionable insights to effectively manage risk and master dynamic regulatory challenges.

"We are excited to partner with ThetaRay to revolutionize compliance solutions for our customers," said Shinto J. Matthew, President of Millennium EBS. "By integrating ThetaRay's innovative compliance technologies into our payments hub platform, we are providing financial institutions with powerful tools to strengthen their risk management, protect their operations and ensure regulatory compliance."

Millennium EBS' payment hub platform provides a comprehensive suite of services designed to optimize payment operations and drive operational excellence for financial institutions. Its services include arranging payments across a wide variety of channels, AML compliance management, sanctions screening and fraud detection, as well as payout solutions, KYC/KYB and translation services. ISO 20022.

ThetaRay's cloud-based SONAR solution quickly and efficiently verifies financial transactions to identify anomalies, including 'unknowns' while maintaining up to 99% fewer false positives compared to traditional AML solutions, based on rules. Except transaction tracking, Millennium will also implement real-time sanction screening.

“The foundation for faster, more integrated payments of any type is a safe and secure financial system, which can only be achieved with an effective and efficient AI-based solution,” said Mark Gazit, CEO of ThetaRay . “We are excited to welcome Millennium EBS to the AI-powered LBC revolution.”