ThetaRay acquires Screena. Source: Shutterstock.com

ThetaRay has announced the acquisition of European screening company, Screena. The acquisition demonstrates ThetaRay’s investment in proprietary technology and its mission of enabling banks, fintechs and regulators to detect financial crime with AI solutions. 

Screena helps financial institutions stop wrongdoers without afflicting legitimate parties. It screens individuals, companies, or other entities against numerous lists of sanctioned parties. This ensures compliance with international law and regulations while empowering global trade, protecting reputations, and delivering financial security.

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ThetaRay, deployed in over 40 countries across six continents, is on a journey from being a leader in AI-powered Transaction Monitoring solutions to a cloud-based, end-to-end financial crime detection platform used by over 100 financial institutions including Santander, Payoneer and Travelex.

ThetaRay’s product suite ensures financial institutions can swiftly and effectively comply with complex regulatory requirements

This strategic acquisition formalises Screena’s cloud-based AI-driven screening solution as part of ThetaRay’s product suite, providing financial institutions with an unparalleled, holistic view of transactional and customer screening risks.

With ThetaRay, clients detect multiple types of financial crimes such as money laundering, terrorist financing, and drug trafficking. Most recently Santander UK teamed up with ThetaRay to deploy advanced technology aimed at detecting human trafficking within financial transactions.

Peter Reynolds, CEO of ThetaRay, 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.

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“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.”