Mashreq Bank of the UAE and ThetaRay announced they will collaborate in transaction monitoring. The implementation of ThetaRay’s AI-driven, next-generation solution allows safe and secure cross-border payment transfers for correspondent banking with protection from financial crime.
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The collaboration between the UAE bank and ThetaRay, a leader in its field, came to fruition thanks to the Abraham Accords that were signed in September 2020 to normalize 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 UAE as a global financial center that connects the Middle East and Africa to the rest of the world. Mashreq Bank, being one of the leaders in this space, 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.”
About Mashreq Bank
One of the UAE’s best performing banks for over five decades, Mashreq Bank is a leading financial institution with an expanding footprint across the Middle East with a strong presence in the financial capitals of the world with international offices in Europe, Asia, Africa and the US.