Gemba Finance Adopts ThetaRay's AI-Based Transaction Monitoring Solution, SONAR

Published 8 months ago

In a move to fuel its growth and decrease regulatory exposure, UK-based fintech firm, Gemba Finance has announced the implementation of ThetaRay’s AI-powered transaction monitoring technology, SONAR.

Gemba Finance and ThetaRay Partnership

Gemba Finance, renowned for its innovative banking and financial management solutions, seeks to reduce regulatory exposure and meet global standards as it expands worldwide. The firm’s CEO, Alexander Legoshin, stated that by adopting ThetaRay’s solution, Gemba aims to boost its operational efficiency, improve customer satisfaction, and broaden its risk coverage.

Gemba’s platform allows companies or communities to establish a new online bank in under a day, bypassing coding, compliance, and infrastructural difficulties. This online banking and payment gateway solution is designed to be quick, reliable, secure, and user-friendly.

ThetaRay’s AI-Powered Technology

ThetaRay’s AI-powered transaction monitoring and screening solution, SONAR, will enable Gemba to further scale its business while ensuring compliance through a more efficient compliance program. This includes significantly reduced false positives, increased case detection, and decreased investigation time.

ThetaRay’s platform, adopted by top banks and fintechs such as Santander, Travelex, TangoPay, ZeePay, and MFS Africa, uses unsupervised AI at the core of its risk-based approach to financial transaction monitoring. Peter Reynolds, CEO of ThetaRay, emphasized the need for fintechs and banks to utilize technology that places them ahead of evolving criminal strategies, particularly in the UK, a leading global financial center.

Powering Global Growth

Gemba’s collaboration with ThetaRay helps enhance its Anti-Money Laundering (AML) capabilities, contributing to the establishment of a trusted global payment system.

ThetaRay recently announced a funding round of $57 million led by Portage Ventures and JVP to stimulate further growth. This follows a 10x client growth and 5x Annual Recurring Revenue (ARR) growth in less than two years.

In October, ThetaRay and Gemba, in collaboration with Microsoft, will host a fintech event titled “Navigating Compliance Challenges with AI Technology” in London.

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