ThetaRay Selects Screena as Sanctions List Screening Solutions Partner

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Topics : Contracts, License / Marketing Agreements

Top AI vendors collaborate to deliver an integrated Saas solution for the fintech market

NEW YORK, TEL AVIV and LUXEMBOURGApril 6, 2022 /PRNewswire/ — ThetaRay, a leading provider of AI-powered transaction monitoring technology, today announced its partnership with next-generation sanctions screening firm, Screena. Through this alliance, Screena’s AI-driven cloud screening system will be fully integrated with ThetaRay’s SONAR SaaS transaction monitoring solution, providing fintechs and banks with a holistic view of transaction risk and sanctions lists.

SONAR is the most advanced financial crime prevention solution in the global payments industry. Screena’s AI-powered real-time solution uses proprietary algorithms and risk analysis to screen transactions against financial sanctions watchlists with a high level of accuracy. The combined transaction monitoring and integrated filtering solution can be deployed in a matter of weeks.

The financial world faces the unprecedented challenge of implementing sanctions that require high-level automation and precision, while ensuring transactions run smoothly, said Cdric Iggiotti, CEO of Screena. Screening is the first line of defense against sanctioned countries, individuals, groups and companies, which are continuously added by various global authorities. However, speed and accuracy are major necessities today. Financial institutions cannot afford a two- to five-day delay for the compliance department to conduct an investigation; customers will not tolerate it.

SONAR uses an advanced form of AI called AI intuition to analyze transactions, risk indicators and customer data to detect suspicious activity across complex, cross-border transaction paths, including the use of fictitious people and companies.

The only way to accurately monitor the financial activities of sanctioned entities without affecting ordinary people is to take advantage of advanced capabilities powered by AI, said Mark Gazit, CEO of ThetaRay. ThetaRay and Screena are teaming up to help build a new level of trust in the global financial system. We are committed to facilitating business and the flow of currency while preventing money launderers and sanctioned parties from exploiting banks and payment fintechs for illegal activities. We know that bad guys use AI, so it’s 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 help governments and financial institutions maintain smooth and uninterrupted global banking.

ThetaRay has partnered with Screena as the ideal partner to deliver value to our customers through an effective platform that expedites the process of investigating alleged financial crimes and sanctions violations, said Dagan Osovlansky, Chief Product Officer, ThetaRay . Machine learning and cloud filtering are enabling fintechs, in particular, to rapidly scale and expand business opportunities in the financial ecosystem while establishing a new level of trust for global payments.

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About Screena

Screena enables banks, fintechs and digital businesses to quickly and easily integrate name filtering and entity resolution into any customer onboarding or payment platform. Screena’s innovative technology stops wrongdoers without affecting legitimate parties, enabling smooth customer check-in and fast payment transactions. Screena’s AI-driven algorithms bring out true positives with unparalleled accuracy and reduce risk to financial organizations from regulatory fines, personal liability and reputational damage. Screena can be integrated with third-party systems in days. Its API-first solution combines extreme configurability and scalability to stay ahead of changing regulations while dramatically reducing the cost of financial crime compliance.

About ThetaRay

ThetaRay’s SONAR transaction monitoring solution powered by AI and powered by artificial intelligence intuition enables banks and fintechs to expand their business opportunities through safe and reliable cross-border payments. This revolutionary solution also improves customer satisfaction, reduces compliance costs and increases risk coverage. ThetaRay’s technology is the only SaaS offering that analyzes SWIFT traffic, risk indicators and customer/payer/payee data to detect anomalies indicative of money laundering activity across complex, cross-border transaction paths in a single unified platform. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay’s low false positive rates and unparalleled high detection rates.

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ThetaRay Selects Screena as Sanctions List Screening Solutions Partner

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