Gemba Finance, a provider of innovative banking and financial management solutions, and ThetaRay, a fintech pioneer in next-generation AI-powered global payments, have announced a strategic partnership that promises to reshape the financial industry.

The focal point of this partnership is the implementation of ThetaRay’s cutting-edge AI-powered transaction monitoring technology, SONAR, which is set to fuel Gemba’s expansion and simultaneously alleviate regulatory challenges that have often hindered growth within financial institutions.

Gemba Finance, a respected and well-established financial services company, has an impressive track record of offering business banking and financial management solutions aimed at democratising access to finance, particularly for underserved communities.

One of Gemba’s standout features is its platform, which empowers companies and communities to establish a new online bank in less than 24 hours, without the hassles of coding, compliance issues, or infrastructure complications.

Gemba Finance CEO Alexander Legoshin said: “As Gemba expands globally, it is critical that we reduce regulatory exposure, meet global standards and expectations as well as provide flexibility and agility to the compliance team.

“With ThetaRay we’re increasing our operational efficiency, improving customer satisfaction and increasing risk coverage – and that is powering our growth globally.”

Gemba’s all-in-one online banking and payment gateway solution boasts speed, reliability, and security, making it the ideal choice for those looking to launch their own neobank quickly and effortlessly.

ThetaRay’s AI-powered transaction monitoring and screening solution will be instrumental in Gemba’s pursuit of scaling its operations while maintaining strict compliance standards. This partnership is expected to yield a more efficient compliance program, marked by a significant reduction in false positives, a higher rate of detection-worthy cases, and a decrease in the time required for investigations.

Notably, ThetaRay’s platform is already trusted by prominent banks and fintech companies, including Santander, Travelex, Tango Pay, ZeePay, and MFS Africa, due to its utilisation of unsupervised AI as the cornerstone of its risk-based approach to financial transaction monitoring.

ThetaRay has been making waves in the fintech industry, recently securing $57m funding round, spearheaded by notable investors such as Portage Ventures and JVP, among others. This substantial investment comes on the heels of impressive achievements, including a tenfold increase in client growth and a fivefold boost in Annual Recurring Revenue (ARR) growth in less than two years.

The partnership between Gemba Finance and ThetaRay marks a pivotal moment in the financial services landscape, heralding a new era of advanced transaction monitoring technology and enhanced financial accessibility for all.

As Gemba Finance continues to empower businesses and communities to embrace online banking, the integration of ThetaRay’s AI-powered technology promises to ensure this growth is sustained, secure, and compliant. This collaboration underscores the industry’s commitment to innovation and inclusivity, setting a high standard for the future of financial services.

ThetaRay CEO Peter Reynolds said: “As the financial crime battle continues to become more complex, fintechs and banks must adopt technology that can keep them ahead of evolving criminal tactics and strategies.

“Particularly here in the UK, a leading financial center of the world, companies like Gemba are taking a leap forward in their AML capabilities and that is helping to build a trusted global payment system.”