ThetaRay acquires Screena for AI screening

ThetaRay, a leader in AI-powered financial crime detection technology, has announced its acquisition of the European screening company Screena

This acquisition highlights ThetaRay's ongoing investment in proprietary technology and underscores its commitment to helping banks, fintechs, and regulators detect financial crimes using cutting-edge AI solutions.

Screena provides financial institutions with tools to identify malicious actors without impacting legitimate parties. It screens individuals, companies, or other entities against various sanctioned party lists, ensuring compliance with international laws and regulations. This enhances global trade, safeguards reputations, and promotes financial security.

ThetaRay operates in over 40 countries across six continents and is transitioning from a leader in AI-powered Transaction Monitoring solutions to a cloud-based, comprehensive financial crime detection platform. This platform is utilized by over 100 financial institutions, including Santander, Payoneer, and Travelex. The acquisition of Screena integrates its advanced, cloud-based AI-driven screening capabilities into ThetaRay's product suite, offering financial institutions an unparalleled, holistic view of transactional and customer screening risks.

ThetaRay enables the detection of various financial crimes, including money laundering, terrorist financing, and drug trafficking. Recently, Santander UK collaborated with ThetaRay to implement advanced technology to identify human trafficking in financial transactions. This partnership was recognised at the Digital Transformation Awards in June 2024 for "Best Use of Data for Human Trafficking and Modern Slavery Detection."

ThetaRay's product suite helps financial institutions comply swiftly and effectively with complex regulatory requirements. It also facilitates smooth customer onboarding and transaction processes, allowing companies to scale quickly and seize business opportunities while promoting growth across different business lines.

"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," stated Peter Reynolds, CEO of ThetaRay. "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. We are delighted to have closed our first acquisition, bringing key capabilities and further establishing our already rapidly growing presence in Europe."

Erel Margalit, chairman of ThetaRay and founder and chairman of JVP, commented, "The need for international, cross-border payments, and business corridors between Europe and Africa, South America and the US, and many locations around the world requires the use of AI and advanced technology to make sure that the transactions are trusted, and that the people behind them are trusted. ThetaRay’s AI also establishes a highway for the good actors that require an international payment network to do their business. The acquisition of Screena advances the ability to identify bad actors, whether it’s money laundering, drug trafficking, or terrorist financing in a much more pointed way. This move is a testament to ThetaRay’s mission of thwarting financial crime and continuously enhancing capabilities to win this critical fight on our journey to becoming a category leader."

Cédric Iggiotti, CEO of Screena, 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."