UK-based clearing and embedded banking platform ClearBank is to collaborate with transaction monitoring technology provider ThetaRay. ClearBank aims to protect its platform with ThetaRay’s transaction monitoring technology. The fintech bank also celebrates profitability after increased revenue in 2022.
ClearBank will transform its anti-money laundering (AML) monitoring operations into a fully cloud-native program using ThetaRay’s SONAR AML solution. Not only does the cloud-native SONAR system aim to provide flexibility to scale; but it also supports faster and safer processing of increasing transaction volumes on its platform.
ThetaRay’s SONAR solution is based on a proprietary form of AI intuition. The solution removes the element of human bias to ensure the system can find anomalies in behaviour. According to the technology provider, it enables banks and fintechs to effectively identify suspicious activity and create a full picture of customer identities. The solution also works across cross-border transaction paths.
The SONAR solution offers a fast discovery of both known and unknown money laundering threats. ThetaRay also claims it can provide up to a 99 per cent reduction in false positives compared to other rules-based solutions.
Using the power of AI to detect financial crime
Nigel Walder, chief operating officer at ClearBank, spoke on the decision to partner with ThetaRay. Walder explained: “The ThetaRay AML system, powered by artificial intelligence and machine learning technology, will give us the edge that will enable us to win new financial partnerships and unlock the potential of our business model to bring positive and meaningful change for customers in the UK, Europe and beyond.”
“The ThetaRay risk-based analytical capabilities can detect hidden financial crime hidden within the data of transactions passing through complex financial networks, including known and unknown typologies.”
Mark Gazit, CEO of ThetaRay, “We are honoured to have a partner like ClearBank that is leading the banking innovation space by reducing costs and friction with cloud-native financial services. Our companies have great synergy, and we look forward to a long-term relationship to grow the financial industry.”
“Our fully scalable SaaS solution empowers payment fintechs with operational benefits to achieve trusted global transactions without having to worry about the maintenance of additional infrastructure, while satisfying regulators, improving the customer experience, and quickly opening new revenue streams.”
ClearBank reaches profitability milestone
Recently, the embedded banking provider revealed revenue of £45.4million in YTD to October 2022, ensuring that it is now profitable, having reached monthly profitability.
ClearBank has over doubled its 2022 revenue compared to the same time period last year. 2021 was the second consecutive year that the fintech bank’s revenue grew by over 100 per cent. Following the announcement, ClearBank has plans to expand to both Europe and the US. It looks to initiate such plans with the launch of ClearBank Europe in The Netherlands in 2023.
Charles McManus, CEO at ClearBank, commented: “In the last few years, we have seen the market shift from agency banking services to BaaS and now Embedded Banking driven by the demand from institutions and increasingly brands to integrate sophisticated and regulated financial services into their customer offerings.”
“As the macro-economic environment continues to be turbulent, there is a renewed focus on the security, resilience and utility offered by fully licensed banking products that unlock the potential of businesses and their customers while ensuring peace of mind.”