News

Tookitaki launches CaaS solution

Tuesday 8 August 2023 10:09 CET | News

Anti-financial crime and AML company Tookitaki has announced the launch of its Compliance-as-a–Service (CaaS) solution for small and mid-size financial institutions (FIs) globally.

 

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.

Tookitaki’s CaaS solution capabilities and what it entails for AML

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.

Tookitaki launches CaaS solution

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.

Further detailing the news, the announcement highlights that the head of compliance at an e-wallet player has recognised Tookitaki’s CaaS solution as suitable for them, as it is lightweight and scalable and provides full risk coverage, together with a predictable low-cost footprint.

Tookitaki offering and strategy

A company activating within the anti-financial crime space, Tookitaki has reportedly pioneered the concept of financial crime through an ecosystem or a community-based platform where patterns on money laundering and terrorist financing are shared by industry veterans on an ongoing basis. Entitled the Anti-Financial Crime (AFC) ecosystem, it helps financial institutions learn, share, and use typologies to counter emerging FinCrime patterns and stay safe and secure. Built on a federated learning framework, the AFC ecosystem powers the flagship compliance solution AMLS to detect quality alerts, helping ensure effectiveness and efficiency in AML programmes.

More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: product launch, compliance, CaaS, SaaS, financial crime, API, financial services, banking, fintech, risk management, AML, data, regulation
Categories: Fraud & Financial Crime
Companies: Tookitaki
Countries: World
This article is part of category

Fraud & Financial Crime

Tookitaki

|
Discover all the Company news on Tookitaki and other articles related to Tookitaki in The Paypers News, Reports, and insights on the payments and fintech industry:





Industry Events