ThetaRay acquires Screena to boost AI financial crime detection
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ThetaRay, an AI-powered financial crime detection firm, recently acquired a screening company called Screena. The acquisition is expected to boost ThetaRay’s own financial crime-detection technology.
What is Screena?
Screena is a firm that spent a lot of time collaborating with banks and fintech, helping them screen individuals, companies, and other entities against various sanctioned parties. The company’s help allowed its clients to ensure that they remain compliant with international law and regulations, and at the same time, protect their reputations.
Along the way, it also helps with delivering financial security, which is always a desired quality in the sector.
Screena has developed cloud-based AI-driven screening technology which will now be a part of ThetaRay’s own product suite. It will allow it to provide financial institutions a holistic view of customer and transactional screening risks.
While ThetaRay did not disclose the financial terms of the acquisition, it did mark it as a major milestone on its journey of converting from an AI-powered transaction monitoring firm to a cloud-based, end-to-end financial crime detection platform.
Screena acquisition is a major milestone for ThetaRay
ThetaRay is the Israeli firm that managed to close a $57 million funding round last year. Now, it operates in 40 countries across six different continents. It also became a very popular service among financial institutions, currently being used by more than 100 different entities.
Some of the biggest names that use ThetaRay include Payoneer, Santander, and Travelex.
The firm’s CEO, Peter Reynolds, commented on its recent move, stating that the acquisition of Screena is a significant milestone for his company. He added that it will help as ThetRay continues its mission to power the global fight against financial crime by enhancing its offerings with the most advanced AI capabilities.
Given that financial crimes are growing more and more sophisticated, numerous banks have been looking for solutions to protect their customers. One of the biggest issues are scams that tend to start on social media, and end with the victims having their bank accounts drained, which is a complex matter as the responsibility is shared between the victims, the banks, and social platforms. Even so, no one can take full blame, and the best solution so far was for banks to improve their fraud-detection technologies.
The newest AI-powered technologies will be a great help in that regard, and Reynolds added that the acquisition of Screena will play a large role in furthering ThetaRay’s commitment to delivering an end-to-end platform that enables banks, fintech, and regulators to effectively identify financial crimes. He stressed that this tech can provide vital capabilities for growing and operating financial institutions in the modern day.
