ThetaRay acquires Screena to bolster financial crime detection

By Gloria Methri

ThetaRay has acquired European screening company Screena to embolden its mission of enabling banks, FinTechs, and regulators to detect financial crime with state-of-the-art 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.

ThetaRay, deployed in over 40 countries across six continents, is on a journey from being an expert 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.

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

ThetaRay’s product suite ensures financial institutions can swiftly and effectively comply with complex regulatory requirements. Furthermore, it enables seamless customer onboarding and transaction flows and allows companies to scale rapidly and capitalize on business opportunities while fostering growth across varied 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,” said Peter Reynolds, CEO of ThetaRay. 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.”

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