Optimised for cost and efficiency, the SaaS offering provides financial institutions with access to Tookitaki's flagship compliance solution – the Anti Money Laundering Suite (AMLS) on a secure, self-service platform.
Based on the information highlighted in the announcement, Tookitaki's AMLS is leveraged by universal banks of the likes of UOB, regional banks, digital-only banks, e-wallets, and payment companies, including names such as Tencent. The Compliance-as-a–Service solution helps deliver complete risk coverage across screening, transaction monitoring, and customer risk scoring.
Additionally, it comes with standardised payload specifications, and APIs for simplified integration, enabling financial institutions to go live in a two-week timeframe. Furthermore, financial institutions can make use of pre-packaged watchlist data for screening in addition to the existing watchlist data they have.
What is more, it is a flexible, pay-as-you-go solution that scales horizontally, delivering increased reliability and performance for expedited growth. The service includes industry-standard certifications spanning risk, security, and data privacy, such as SOC2, helping substantially reduce the dependency on internal IT.
When commenting on the announcement, Mr Abhishek Chatterjee, Founder and CEO of Tookitaki said that the company has a legacy of supporting traditional banks and large fintech enterprises alike with its advanced AML solution. The spokesperson believes the launch of their CaaS solution to be a significant step forward in making AMLS increasingly accessible, advising that this SaaS model enables fast-growing fintechs to get to market sooner and future-proof their financial crime mitigation strategies with regular updates.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now