ThetaRay will be fully integrated with Surecomp’s back-office trade finance solutions and can be accessed via open application programming interface (API) connectivity, the release stated. Banks and corporates can use it to help reduce the risk of ATM security breaches, money laundering and fraud.
ThetaRay only entered the market last year and works with artificial intelligence (AI)-based analytics to find suspicious behavior and real-time anomalies, working to find risks, the release stated.
ThetaRay CEO Mark Gazit said the expansion of services to Surecomp would help with the increasing needs as cybercrime continues to spike.
“As financial cybercrime continues to rise, banks and corporates need to deploy significant measures to protect themselves against fraud, money laundering and suspicious behavior,” he said, according to the release. “Surecomp customers can now benefit from our intuitive artificial intelligence, machine learning-based platform to further strengthen their digital risk management strategy.”
Tsafrir Attar, Surecomp’s vice president of Digitization, said the company Marketplace “delivers added value to our customers through direct access to complementary FinTech solutions within the trade finance ecosystem.”
“ThetaRay is one such solution we are pleased to bring to people’s attention, given that — now more than ever — financial crime is an ever-growing risk that many firms often don’t sufficiently address,” he said, according to the release.
In July, Surecomp launched a Trade-Finance-as-a-Service suite, covering back-office management and processing alongside front-office needs for corporate clients like banks. The service also offers an open API interface and wide-spanning access to the company’s Marketplace. It is also scalable, letting users access features like digital application, tracking and managing several trade finance needs. According to Surecomp, the idea is to boost speed for companies and do away with unnecessary costs.