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Thetaray chooses Screena as sanctions list screening solutions partner

By Edlyn Cardoza

April 06, 2022

  • Europe
  • FinTech
  • Risk Management

ThetaRay, Transaction Monitoring Technology, Sanctions Screening Company, Screena, SONAR SaaS Transaction Monitoring Solution, FinTech, Risk Management, EuropeThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced it is partnering with next-gen sanctions screening company Screena. Through the alliance, Screena’s cloud-based AI-driven screening system will be fully integrated into ThetaRay’s SONAR SaaS transaction monitoring solution, providing FinTechs and banks with a holistic view of transactional and sanctions list risks.

ThetaRay’s SONAR is one of the industry’s financial crime prevention solution for global payments. Screena’s real-time, AI-powered solution uses proprietary algorithms and risk analysis to screen transactions against financial sanctions watchlists with a high degree of precision. The combined transaction monitoring and integrated screening solution can be deployed within weeks.

“The financial world is facing the unprecedented challenge of implementing sanctions that require high-level automation and accuracy, yet ensure the smooth flow of transactions,” said Cédric Iggiotti, CEO of Screena.  “Screening is the first line of defense against sanctioned countries, individuals, groups, and companies, which are being added around the clock by various global authorities. However, speed and precision are major necessities today. Financial institutions cannot afford 2-5 days for the compliance department to investigate; customers will not stand for it.”

SONAR uses an advanced form of AI called “artificial intelligence intuition” to analyse transactions, risk indicators and client data to detect suspicious activities across complex, cross-border transaction paths — including the use of shell people and companies.

“The only way to accurately monitor the financial activities of sanctioned entities without causing pain to ordinary people is by leveraging advanced AI-powered capabilities,” said Mark Gazit, ThetaRay CEO. “ThetaRay and Screena are partnering to help establish a new level of trust in the global financial system. We are committed to enabling unimpeded business and the flow of currencies while preventing money launderers and sanctioned parties from exploiting banks and payments fintechs for illegal activities. We know that the bad guys are using AI, so it is our responsibility to use the most advanced machine learning capabilities available to defend our banking system against them.”

The ThetaRay system can identify sophisticated attempts to circumvent economic and trade sanctions and helps governments and financial institutions maintain smooth and uninterrupted global banking activities.

“ThetaRay has teamed up with Screena as the perfect partner to deliver value to our customers through one effective platform that accelerates the investigation process into suspected financial crimes and sanctions violations,” said Dagan Osovlansky, Chief Product Officer, ThetaRay. “Cloud-based AML and screening enables fintechs especially to ramp up quickly and grow business opportunities in the financial ecosystem while instilling a new level of trust for global payments.”

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