Mashreq Bank Chooses ThetaRay Transaction Monitoring Solution 


Mashreq Bank of the UAE and ThetaRay announced collaborating in transaction monitoring. Implementing ThetaRay’s AI-driven, next-generation solution allows safe and secure cross-border payment transfers for correspondent banking protection from financial crime.

The collaboration between the UAE bank and ThetaRay, a leader in its field, came to fruition thanks to the Abraham Accords signed in September 2020 to normalise relations between Israel and the UAE, Bahrain, Sudan, and Morocco.

“ThetaRay’s technology, underpinned by advanced machine-learning-based models complementing rules, sets the foundation for next-generation transaction monitoring,” said Scott Ramsay, Group Head of Compliance and Bank MLRO of Mashreq Bank. “By combining speed and agility with efficiency, it allows banks to effectively thwart financial crime risks in the increasingly complex space of cross-border payments.”

ThetaRay’s anti-money laundering (AML) solution is in line with the trend to establish the UAE as a global financial centre that connects the Middle East and Africa to the rest of the world. Being one of the leaders in this space, Mashreq Bank will use ThetaRay’s solution to facilitate its growth safely and provide services to more countries and customers.

“Mashreq Bank is our first customer in the UAE,” said Mark Gazit, CEO of ThetaRay. “We look forward to accelerating collaboration with additional financial institutions in the UAE and the entire Middle East as part of the continued expansion of ThetaRay’s global reach.”

The COVID-19 era has triggered an upsurge in the volume of cross-border payments, a market that is expected to grow from $37.15 trillion in 2020 to $39.9 trillion by 2026. This market is a prime target for financial crimes such as money laundering, theft and fraud.

“Mashreq seeks to be a leader in building a bank fit for purpose for the future,” said Ellis Wang, Group Head of Technology, Transformation and Information, Mashreq Bank. “And at its core are capabilities to keep our customers as well as the banking ecosystem safe. Mashreq will always continue to promote the deployment of advanced technologies to achieve this outcome.”

ThetaRay’s solution allows banks and fintech companies to reduce total cost of ownership (TCO), rapidly expand revenues, improve customer service, and speed ROI from months to only days.

“Mashreq Bank joins the growing community of banks and financial institutions that are using ThetaRay’s technology, including tier-1 banks, payment service providers, financial intelligence units and others,” added Shay Dovev SVP, Strategic Accounts, ThetaRay.