UK-based financial management solutions provider Gemba Finance has partnered with ThetaRay to leverage its transaction monitoring technology. Specifically, Gemba Finance and ThetaRay have jointly announced the implementation of ThetaRay's SONAR, which is an AI-powered transaction monitoring technology, aimed at supporting Gemba Finance's growth while mitigating regulatory exposure.

The move addresses the challenge often faced by financial institutions regarding regulatory compliance and its impact on expansion. Gemba Finance focuses on providing innovative banking and financial management solutions, as the company's objective is to enhance access to finance, particularly for underserved communities. Gemba's platform facilitates the rapid creation of online banks without the complexities associated with coding, compliance, and infrastructure.

The solution offers speed, reliability, and security, making it easier for users to establish their own neobanks. ThetaRay's AI-powered transaction monitoring technology is set to enable Gemba Finance to scale its operations while maintaining compliance. The implementation is expected to lead to a reduction in false positives, increased detection of suspicious cases, and shorter investigation times.

Notably, ThetaRay's platform, which is already adopted by financial institutions such as Santander, Travelex, TangoPay, ZeePay, and MFS Africa, employs unsupervised AI to drive its risk-based approach to financial transaction monitoring. In the company press release, officials from ThetaRay emphasised the importance of adopting advanced technology in the financial industry to combat increasingly complex financial crimes. The collaboration with Gemba Finance is a step forward in improving anti-money laundering (AML) capabilities and contributing to the development of a trusted global payment system.

Other developments from ThetaRay In September 2023, ThetaRay secured a USD 57 million funding round led by Portage Ventures and JVP, aimed at further fueling their growth. The company revealed that it will use the funds to expedite international expansion, as well as to improve its set of services to meet the needs, preferences, and demands of its customers and of the overall market. ThetaRay’s cloud-based transaction monitoring and screening solution was designed to use efficient and secure proprietary and patented artificial intelligence technology to monitor financial transactions and payments in a fast and accurate manner.

The product offers customers the possibility to benefit from a simple and safe flow of funds around the world, while also providing financial institutions, banks, and companies with the possibility to develop their business and enter new markets. .