- Monetary crime detection expertise firm, ThetaRay, has acquired screening specialist, Screena.
- Phrases of the acquisition weren’t disclosed, however the firms have been companions for the reason that spring of 2022.
- ThetaRay made its Finovate debut at FinovateFall 2015.
AI-powered monetary crime detection expertise firm, ThetaRay, has acquired European screening firm, Screena. Phrases of the transaction weren’t disclosed.
Screena makes a speciality of screening people, firms, and different entities towards sanctioned get together lists. The corporate’s APIs help syntactic, phonetic, and semantic matching, in addition to multicultural recognition providers. Every of those applied sciences is efficacious at a time when extra firms and monetary establishments are profiting from alternatives in cross-border funds and commerce.
From navigating spelling variations and out-of-order elements to comprehending a number of alphabets together with Arabic, Cyrillic, Chinese language, and Thai, Screena has a close to 100% true detection fee and screens 500+ transactions per second in reside situations. Based in 2020 and headquartered in Luxembourg, Screena helps monetary establishments establish unhealthy actors who could also be engaged in actions starting from cash laundering to drug trafficking to terrorist financing.
Screena CEO Cédric Iggiotti mentioned that the combination with ThetaRay was a “game-changer” for the corporate. “For too lengthy, screening was siloed from different crucial monetary crime detection instruments,” Iggiotti mentioned. “Our partnership with ThetaRay not solely meets stringent regulatory calls for but in addition considerably enhances our crime detection capabilities, as evidenced by our latest successes with main monetary establishments.”
ThetaRay and Screena have been companions for the reason that spring of 2022, when ThetaRay selected the startup as its screening options associate. In an announcement on this week’s acquisition, ThetaRay CEO Peter Reynolds spoke of the corporate’s “mission to energy the worldwide battle towards monetary crime” by means of the usage of AI-enabled applied sciences. He added that the acquisition “furthers our dedication to delivering an end-to-end platform that allows banks, fintechs, and regulators to successfully establish monetary crime – important capabilities to develop and function a monetary establishment at this time.”
Israel-based ThetaRay made its Finovate debut at FinovateFall in 2015. At present, the corporate has multiple billion customers, permits greater than 11 billion in trusted transactions a yr, and screens greater than $15 trillion in transactions yearly. The corporate’s signature choices embody its transaction monitoring and screening resolution, SONAR, in addition to its Buyer Danger Evaluation (CRA) product unveiled earlier this yr.
Reynolds was named CEO of the corporate final summer season. He succeeds Mark Gazit, who had been ThetaRay’s CEO for greater than 11 years.
Photograph by Kasia Derenda on Unsplash
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