NEW YORK, May 24, 2018 /PRNewswire/ -- ThetaRay, a leading provider of big data analytics solutions, today announced that it has won the 2018 Asian Banker Risk Management Award for "Regulatory Technology Implementation of the Year." The awards honor successful technology implementations in Asian banks that support institutional growth, provide operational gains and meet strategic risk management objectives.
ThetaRay received the award for its efforts in helping a major Asian financial institution combat financial crime. ThetaRay's AML software solution significantly increased the bank's operational efficiency, reducing false alerts by 35% and increasing the accuracy rate of identifying suspicious transactions by more than 4x.
"We are humbled to be honored by such a prestigious group for our efforts in fighting financial crime, and proud to be recognized for our innovative approach to combating money laundering," said Mark Gazit, CEO of ThetaRay. "We are happy to serve the leading Asian and global banks, and this award truly belongs to them. We look forward to continuing our work helping financial institutions defend against the increasing convergence of financial and cybercrime."
ThetaRay's financial services solutions enable banks to uncover the earliest signs of illicit activity. Based on algorithms developed by two mathematics professors over a decade of research, ThetaRay uses unsupervised machine learning to identify unknown fraud, money laundering and ATM threats in real-time. With extremely high detection and low false positive rates, ThetaRay minimizes adverse financial, operational and reputational impact, and strengthens compliance.
The awards ceremony was held at The Asian Banker Future of Finance Summit 2018 on May 24th, 2018 in Beijing, China. The event attracted nearly 1,000 elite banking and financial services practitioners from over 30 countries and served as a forum for top risk management executives to share effective and innovative risk management practices.
ABOUT THE ASIAN BANKER RISK MANAGEMENT AWARDS
The Asian Banker Risk Management Awards is a program designed to identify emerging best practices and outstanding achievements of the best run risk management teams in financial institutions and honors both financial institutions and vendor partners. The evaluation process is rigorous and transparent, and constantly improved to incorporate the latest challenges and changes in regulation.
ThetaRay is dedicated to helping clients at large financial organizations, cyber security divisions and critical infrastructure become more resilient and seize opportunities. Its advanced analytical solutions operate with unprecedented speed, accuracy and scale, enabling clients to manage risk, detect money laundering schemes, uncover fraud, expose bad loans, uncover operational issues and reveal valuable new growth opportunities.
Learn more at www.thetaray.com. Follow us on Twitter: @ThetaRayTeam