Provider of AI-powered financial crime detection technology, ThetaRay , has recently announced the acquisition of next-gen European screening company Screena . The acquisition represents a key milestone in ThetaRay’s mission to leverage AI in its fight against fincrime and demonstrates the company’s continuous investment in proprietary technology, as well as its mission to help banks, fintechs, and regulators to easily detect financial crime.

What you need to know about ThetaRay acquiring Screena Screena was created to help financial institutions stop financial crime and fraudsters without putting a tole on legitimate parties. It screens individuals, companies, and entities against various lists of sanctioned parties, which ensures compliance with international law and regulators. At the same time, Screena empowers global trade by protecting brands’ and companies’ reputation, and delivering financial security.

ThetaRay currently deployed in more than 40 countries across the globe and aims to become a leader in AI-powered transaction monitoring solutions. Its cloud-based, end-to-end fincrime detection platform is now used by more than 100 financial institutions, including Santander Bank, Travelex, and Pioneer. The strategic acquisition of Screena allows ThetaRay to add the cloud-based AI-driven screening solution as part of its product suite, allowing financial institutions to have a holistic view of their transactions and customer screening risks.

ThetaRay provides a wide array of services, including detecting multiple types of fincrime such as terrorist funding, money laundering, and drug trafficking. Moreover, in an attempt to combat modern slavery, Santander UK partnered with ThetaRay to deploy advanced technology to detect human trafficking within financial transactions. The effort was rewarded with an award received in June 2024.

The need for efficient fincrime detection and prevention As cross-border payments continue to increase in popularity and new business corridors open between Europe and Africa, the US, and South America, the fintech industry needs powerful and accurate AI-driven tools that monitor transactions and flag them as secure and trustworthy. This is where ThetaRay’s solution can step in and fill the void, as it can establish a highway for good actors that require international payment networks integrated to their business. By combining transaction monitoring, screening, and customer risk assessment, ThetaRay and Screena bring a powerful, accurate, safe, and fast solution to modern problems such as financial crime, money laundering, and terrorism funding.

Looking ahead, the two companies aim to build a more trustworthy ecosystem, where  good actors are rewarded with trust and reputation and potential questionable financial transactions are flagged and stopped before funding the fincrime dark web. .