IDB Bank, a New York-headquartered private and commercial bank with over $12.2 billion in assets, has teamed up with Israeli KYC solutions provider ThetaRay to strengthen its protections against financial crime.IDB Bank taps ThetaRay for transaction monitoring techIDB Bank is set to adopt ThetaRay’s Transaction Monitoring solution, which uses cognitive AI designed to “emulate the depth and flexibility of human cognition”, as per the vendor’s website.The offering facilitates instant risk analysis while aiming to ensure “full transparency in compliance operations by automatically documenting every step of the decision-making process”.Commenting on the integration with IDB Bank, Erel Margalit, chairman of ThetaRay, emphasises AI’s role in combating the “complexity and sophistication” of areas such as “drug and human trafficking, terror financing, cross-border payments, and correspondent banking”.IDB Bank joins a host of global organisations to recently tap ThetaRay’s transaction monitoring services, including Mexican fintech Tudi and UK-based open banking firm Noda.Last year, ThetaRay further strengthened its financial crime detection suite by acquiring Belgian fintech Screena, integrating its cloud-native, AI-powered AML verification service to provide financial institutions with a “holistic view” of transactional and customer screening risks.
Ven. Gen 31st, 2025
