Israel-based financial crime detection platform ThetaRay has acquired European screening company Screena to advance its AI-powered financial crime detection capabilities.
Screena inspects individuals, companies, or other entities against numerous lists of sanctioned parties, to help financial institutions stop criminals without affecting legitimate parties.
It ensures compliance with international rules and regulations while empowering global trade, protecting reputations, and delivering financial security.
The acquisition allows ThetaRay to offer Screena’s advanced, cloud-based AI-driven screening solution as part of its product suite, providing a holistic view of screening risks.
The offering allows its clients to detect multiple types of financial crimes such as money laundering, terrorist financing, and drug trafficking, said the financial crime detection platform.
Screena CEO Cédric Iggiotti said: “Integrating with ThetaRay has been a game-changer for us at Screena, revealing the true potential of combining Transaction Monitoring, Screening, and Customer Risk Assessment.
“For too long, screening was siloed from other critical financial crime detection tools. Our partnership with ThetaRay not only meets stringent regulatory demands but also significantly enhances our crime detection capabilities, as evidenced by our recent successes with major financial institutions.
“Looking ahead, we are excited to push the boundaries of what’s possible in building a more trustworthy financial ecosystem.”
ThetaRay is transforming itself from an AI-powered transaction monitoring solution to a cloud-based, end-to-end financial crime detection platform.
Deployed in more than 40 countries across six continents, the platform is being used by over 100 financial institutions, including Santander, Payoneer, and Travelex.
The company’s product portfolio allows financial institutions to rapidly and effectively comply with complex regulatory requirements.
Furthermore, it simplifies customer onboarding and transaction flows, enabling companies to scale rapidly and seize business opportunities, while promoting growth, said ThetaRay.
ThetaRay CEO Peter Reynolds said: “The acquisition of Screena is a significant milestone for ThetaRay as we continue our mission to power the global fight against financial crime by enhancing our offerings with the most advanced AI capabilities.
“It furthers our commitment to delivering an end-to-end platform that enables banks, fintechs, and regulators to effectively identify financial crime – vital capabilities to grow and operate a financial institution today.
“The recent launch of our Customer Risk Assessment (CRA) product this year and the mass adoption of our leading Transaction Monitoring offering demonstrates both a clear need in the market and our proven ability to build pioneering solutions.”
In June last year, ThetaRay partnered with Millennium EBS, a payment hub solutions provider, to provide an end-to-end, user-friendly compliance solution for the banking industry’s payments.
