Israeli technology firm ThetaRay has signed a global partnership with Google Cloud to strengthen protection for financial firms against money laundering activity related to cross-border transactions.

As part of the alliance, ThetaRay’s Cloud-Based AML Solution for Cross-Border Payments will be offered as a service on Google Cloud.

This solution is designed to evaluate SWIFT traffic, risk indicators as well as client, payer and payee details to identify anomalies indicating money laundering activity across cross-border transaction paths.

ThetaRay CEO Mark Gazit said: “With availability on Google Cloud, ThetaRay is offering banks and payment providers defence against even the most sophisticated money laundering schemes, empowering them to protect their customers, avoid regulatory penalties and prevent reputational damage.

“As a product-driven company, we are excited to offer a solution that accelerates speed-to-value and reduces the cost of acquisition, and we are thrilled to partner with Google Cloud to solve industry challenges that have been difficult to solve with previous generations of technology.”

ThetaRay’s solution leverages an advanced form of AI called Artificial Intuition that can copy human perceptions, feelings, inferences, hypotheses and reasoning to make better decisions.

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This is said to help in identifying both known and unknown money laundering threats.

According to ThetaRay, its AML solution provides 95% detection rate and 90% reduction in false positives compared with other rules-based solutions.

Commenting on the partnership, Google Cloud director of ISV Partnerships Chris Arisian said that deploying ThetaRay on Google Cloud can help banks and other financial services institutions build and scale up their digital infrastructure, securely and safely.

Arisian added: “We’re pleased that ThetaRay will bring its solutions for the financial services industry to Google Cloud”

Last month, ThetaRay launched a financial crime prevention solution called SONAR to eliminate money laundering risks linked to cross-border payments.

The launch came on the close heels of the company’s $31m funding round led by JVP and BGV Funds.