ThetaRay SONAR AML Update Gives Financial Institutions More Powerful Tools Against Financial Crime

ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced the release of a new software version on its flagship SONAR advanced SaaS anti-money laundering (AML) platform. The update includes major capability upgrades for fintechs and banks to detect and prevent financial crime through faster investigations and the discovery of new typologies in an increasingly complex financial world. 

The software version, code-named Theia, offers a breakthrough visualization experience by clearly displaying transaction activity on financial networks, in addition to easy usability and self-service tools for simplified and autonomous AML compliance operations.

“We are pleased to deliver our customers even more value from the ThetaRay SONAR AI engine with the release of the new software version code-named Theia, which sheds new light into the complexity of financial networks,” said Mark Gazit, ThetaRay CEO. “Our award-winning Intuitive AI platform is more powerful than ever and reconfirms our commitment to enable our customers to stay a step ahead of financial crime, win trust, and create new business opportunities.”

SONAR is based on an advanced form of AI, artificial intelligence intuition that replicates the decision-making capabilities of human intuition to make better decisions with no bias or thresholds. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. This enables the rapid discovery of both known and unknown money laundering threats, and up to 99 percent reduction in false positives compared to rules-based solutions.

Key benefits of the new software version

Breakthrough visualization experience: Easily and clearly view transactions across the network. Using the viewer, analysts and supervisors can see hundreds and thousands of transactions at one glance including interconnectivity with other entities.  Key information displayed includes sender and recipient names, the volume of transactions, aggregation of currencies, transaction direction, and country of origin. 

Self-configuration: The rules layer in the SONAR full-stack system now offers self-editing, enabling teams to quickly and easily adjust monitoring parameters to meet any regulatory or business requirement.

Continuous learning: A feedback loop in the system allows teams to record and input confirmed money-laundering typologies into ThetaRay’s semi-supervised machine learning algorithms, helping boost detection accuracy.

Data ingestion: More data formats are now available to boost flexibility for customers to feed data into the SONAR system including through RESTful APIs or S3 compatible interfaces.