Gemba Finance and ThetaRay have collaborated to implement ThetaRay’s SONAR, an AI-driven transaction monitoring system. This partnership aims to support Gemba Finance in its growth trajectory while reducing regulatory risks.

Focusing on innovative banking solutions, Gemba Finance seeks to enhance financial access for underserved communities by creating online banks quickly and easily without the usual complexities of coding, compliance, or infrastructure. Their platform is designed to offer speed, reliability, and security, simplifying the process for users who want to establish their own neobanks.

ThetaRay’s AI solution will help Gemba Finance manage transactions efficiently while staying compliant. The implementation of SONAR is expected to decrease false alerts, increase detection of suspicious activities, and shorten investigation times. With a proven track record at financial institutions like Santander, Travelex, TangoPay, ZeePay, and MFS Africa, ThetaRay’s unsupervised AI technology supports a risk-based approach to monitoring financial transactions.

According to ThetaRay officials, this partnership underscores the importance of adopting advanced technologies in combating increasingly sophisticated financial crimes. It marks an advance in AML capabilities and contributes to building a more trustworthy global payment system.

Recent Developments at ThetaRay

In September 2023, ThetaRay received USD 57 million in funding from Portage Ventures and JVP. The investment aims to accelerate international expansion while enhancing the company’s service offerings to meet market demands.

The cloud-based transaction monitoring solution developed by ThetaRay uses proprietary AI technology for efficient and secure financial transactions. This not only streamlines fund flows worldwide but also enables financial institutions, banks, and companies to expand their business and enter new markets.