The number of cross-border payments has gone up due to companies moving funds across institutions and countries. Transferring money abroad requires quick and efficient money transfer services.

Following the collapse of the SVB and Signature banks, investors and business owners have been taking money out of their bank deposits. This caused a massive run on banks, driving down share prices in the banking sector.

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Mark Gazit, CEO of ThetaRay, decried the increase in banking transactions and said it adds pressure on the SWIFT system.

“The SWIFT system established in 1973 is challenged by the new world of digital banking and a massive increase in volumes. ThetaRay AI technology has been proven in leading global banks and fintechs to be efficient in enabling trusted and smooth cross-border payments”, Gazit said.

A regular SWIFT transfer can take up to 72 hours to complete. The process becomes sluggish if more people transfer money at the same time.

“With financial instability becoming an ever-growing factor, AI-based monitoring provides an effective intelligence and operational strategy for banks and fintechs to ensure trust and reliability of cross-border transactions”, he continued.

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ThetaRay is a fintech company monitoring domestic and cross-border payments through its AI-powered SONAR tool. The company helps monitor, identify and mitigate cyber-attacks, ATM hacks, frauds, money laundering activities, and unknown risks and threats.

In February, it partnered with tech firm Tudi, giving it access to the SONAR SaaS solution for monitoring transactions. In addition, the partnership helped Tudi become compliant with new Mexican law that regulates fintechs.

ThetaRay is based in, Tel Aviv, Israel.