ThetaRay has partnered with Microsoft Azure OpenAI Service to create a GenAI financial crime detection suite. This collaboration enables financial institutions to better detect criminal activities, adapt their strategies over time, and comply with legal reporting requirements.
The new GenAI features streamline operations across various areas, including risk detection, investigation support, quality assurance, and reporting. ThetaRay ensures consistency in risk evaluation throughout an organization, continually updating its approach to reflect emerging threats and trends.
Peter Reynolds, CEO of ThetaRay, expressed enthusiasm about the partnership, stating, “We are excited to continue to deepen our collaboration with Microsoft, using their Azure OpenAI Service to enhance our vision of enabling trusted transactions across the financial ecosystem.”
Yina Arenas, VP of Azure AI at Microsoft, remarked, “ThetaRay’s integration with Azure OpenAI Service delivers a solution that empowers financial institutions to enhance key components of their anti-money laundering (AML) efforts, such as oversight, reporting, and risk catalogue processes. By integrating generative AI in their financial crime detection solutions, organizations can mitigate risk, drive exceptional efficiencies, and elevate regulatory standards.”