ThetaRay CEO discusses new technology at Global Investment Forum
Mark Gazit said 'an open economy brings true peace' at the Jerusalem Post-Khaleej Times Global Investment Forum in Dubai
At The Jerusalem Post-Khaleej Times Global Investment Forum in Dubai Mark Gazit, CEO of ThetaRay, said: "We use unique artificial intelligence, which simulates human intuition and the capabilities of experienced human researchers in decision-making, helping banks solve the problem of global payment transfers."
The technology developed by ThetaRay enables banks, financial service providers, and businesses to operate a secure and smart money transfer system.
Gazit said: "The world has become global, money is moving from place to place digitally, and hostile organisations, whether they are terrorist bodies or human traffickers, exploit the loopholes in the system and even steal money from banks. Cross-border payments today take several days, cost a great deal of money and it is not always possible to verify the source of the transfer. We are opening the blockage in the transfer pipeline, which was created as a result of the world being afraid of money laundering and terrorist financing."
He continued: "Our system sometimes detects threats and attacks before they are executed because it picks up on unusual behaviour that the human factor can miss. It's a revolution," he added. "We speed up the payment process, lower costs and enable banks to improve the services they provide to their customers and help countries that are weak and problematic stabilise their financial system. In essence, we do for the payment system what the Internet did 25 years ago for the world, except that we allow secure payment transfers where the payer and payee can be identified and make sure that the transfer is not intended to commit a crime or fund terrorist activity. Our system also works with digital currencies and the blockchain system."
Gazit explains that the company's technology is based on a set of algorithms that allow the computer to behave like human intuition. "It looks at a lot of parameters, and knows how to connect the dots and tell us if something in the accounts does not 'smell good.' This way, the system can warn of the possibility of suspicious activity even before it actually occurs, and we can take appropriate steps even before the crime is committed."
Gazit revealed that the Emirates government had recently fined 11 banks in light of activities suspected of money laundering and explained that the government is working to regulate its financial activities because it wants to become one of the global economic centres.
He said: "It is important to remember that what brings true peace between countries is the economy. Our system will raise the level of trust and allow for global money transfers without unnecessary intermediaries or bottlenecks."
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