Gemba Finance and ThetaRay have announced the implementation of ThetaRay’s AI-powered transaction monitoring technology, SONAR. This is to power Gemba’s growth while reducing regulatory exposure which frequently hampers growth at financial institutions.

This comes after ThetaRay formed a similar partnership with TangoPay last week. ThetaRay will monitor global remittances and will protect TangoPay from financial crimes.

Alexander Legoshin, CEO of Gemba Finance, said: “As Gemba expands globally, it is critical that we reduce regulatory exposure, meet global standards and expectations as well as provide flexibility and agility to the compliance team. With ThetaRay we’re increasing our operational efficiency, improving customer satisfaction and increasing risk coverage.

Gemba to help create a bank in under a day

Gemba Finance has a track record of providing business banking and financial management solutions to democratise access to finance. Gemba’s platform enables companies or communities to create a new bank online in under one day without coding, compliance, and infrastructural headaches. Gemba’s all-in-one online banking and payment gateway solution is fast, reliable, and secure. It is designed to help users launch their own neobank quickly and easily.

ThetaRay’s AI-powered transaction monitoring and screening solution will enable Gemba to further scale its business. In doing so, remaining compliant through a more efficient compliance programme measured in significantly reduced false positives, increased detection-worthy cases, and reduced investigation time. ThetaRay’s platform is used by banks and fintechs such as Santander, Travelex, Tango Pay, ZeePay and MFS Africa. The platform uses unsupervised AI as the backbone of its risk-based approach to financial transaction monitoring.

Peter Reynolds, CEO of ThetaRay, said: “As the financial crime battle continues to become more complex, fintechs and banks must adopt technology that can keep them ahead of evolving criminal tactics and strategies. Particularly here in the UK. Companies like Gemba are taking a leap forward in their AML capabilities. That is helping to build a trusted global payment system.”

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By GlobalData