ThetaRay Transforms AI Financial Crime Detection with Screena Acquisition

The acquisition marks a significant milestone in ThetaRay’s mission to leverage AI in combating financial crime.

As a leading comprehensive, cloud-based financial crime detection platform, ThetaRay empowers financial institutions to identify trusted transactions and customers across all banking activities. This innovation recently earned ThetaRay an award for Best Use of Data for Human Trafficking and Modern Slavery Detection, in collaboration with Santander UK.

ThetaRay, the leading provider of AI-powered financial crime detection technology, has announced the acquisition of the next-generation European screening company, Screena. This acquisition underscores ThetaRay’s commitment to investing in proprietary technology and solidifies its mission to help banks, fintechs, and regulators detect financial crime using state-of-the-art AI solutions.

Screena assists financial institutions in preventing wrongdoing without impacting legitimate parties by screening individuals, companies, and other entities against numerous sanctioned party lists. This ensures compliance with international laws and regulations, while promoting global trade, protecting reputations, and enhancing financial security.

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

ThetaRay’s clients can detect various financial crimes such as money laundering, terrorist financing, and drug trafficking. Recently, in a global effort to combat modern slavery, Santander UK partnered with ThetaRay to deploy advanced technology aimed at detecting human trafficking within financial transactions. This collaboration was honored with the “Best Use of Data for Human Trafficking and Modern Slavery Detection” award at the Digital Transformation Awards in June 2024.

ThetaRay’s product suite ensures that financial institutions can quickly and effectively comply with complex regulatory requirements. Additionally, ThetaRay facilitates seamless customer onboarding and transaction flows, enabling companies to scale rapidly and seize business opportunities while fostering growth across diverse 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,” remarked 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.”

“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,” said Erel Margalit, Chairman of ThetaRay, and Founder and Chairman of JVP. “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, stated, “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.”