- ThetaRay launched GenAI Financial Crime Detection Suite.
- The new suite is powered by Microsoft’s Azure OpenAI Service, which gives developers REST API access to OpenAI’s language models.
- The GenAI Financial Crime Detection Suite enables financial institutions to improve AML efforts, streamline compliance, and proactively manage risk indicators.
Financial crime detection company ThetaRay announced it is collaborating with Microsoft in the launch of its new product, GenAI Financial Crime Detection Suite.
The new suite integrates Microsoft’s Azure OpenAI Service, a service that gives developers REST API access to OpenAI’s language models, such as o1-preview, GPT-4o, and GPT-4. The service allows clients to adapt the models to their specific task or use case.
ThetaRay reports that teaming up with Microsoft will allow it to bring firms a GenAI-powered case manager that will detect financial crime, adapt strategies over time, and meet legal reporting standards. ThetaRay reports that its collaboration with Microsoft will enable it to deliver a GenAI-powered case manager designed to detect financial crimes, refine detection strategies, and ensure compliance with regulatory reporting standards. With the launch of its new GenAI Financial Crime Detection Suite, ThetaRay aims to enhance risk assessment, streamline operational workflows, and strengthen anti-money laundering (AML) reporting to reduce fraudulent activity, such as money laundering and terrorist financing.
“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,” said Azure AIat Microsoft Corp. Vice President Yina Arenas. “By integrating generative AI in their financial crime detection solutions, organizations can mitigate risk, drive exceptional efficiencies, and elevate regulatory standards.”
Along with today’s release, ThetaRay is also unveiling a new, GenAI-driven risk catalogue to enable financial institutions to add risk indicators. “Our technology has already established us as a leader in AI, and now with our newest risk catalogue solution, we’re empowering organizations to proactively manage risks, streamline compliance, and make more informed decisions,” said ThetaRay CEO Peter Reynolds. “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.”
Founded in 2013, ThetaRay offers transaction monitoring, transaction and customer screening, and customer risk assessment suites to help firms fight financial crime. The Israel-based company helps its 100+ institutional clients leverage AI to monitor 15 billion transactions valued at $20 trillion on an annual basis.
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