Following this announcement, the company aims to optimise the manner in which it represents its capabilities and offerings on the platform, continuing to focus on addressing both fraud and anti-money laundering (AML) risks.
In addition, Tookitaki will provide its services in order to improve the overall compliance landscape, meeting the needs, preferences, and demands of its customers and clients, while remaining compliant with the laws and regulations of the industry at the same time. Currently, its operational platform is divided into anti-fraud and AML teams, and Tookitaki focused on launching a solution that will manage both of them. Thus, FinCense will combine fraud and AML prevention, with the use of a comprehensive and secure platform that was developed in order to handle both domains’ complexities and challenges.
The company designed FinCense with a focus on recognising the intricacies of cross-border payments and their overall susceptibility and risks to both fraud and AML, being expected to provide real-time protection for domestic and cross-border payment firms. Furthermore, FinCense will scale by processing multiple transactions with a high throughput at 200 TPS for fraud prevention.
Specialising in anti-financial crime, Tookitaki represents a company that had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
At the beginning of September 2023, Tookitaki announced its collaboration with financial provider Morabaha Marina in order to augment the latter’s AML compliance management offerings. According to the press release published at the time, Morabaha Marina Financing’s commitment to fostering reliable and secure financial deals aligned with Tookitaki’s technology-driven approach to financial crime detection and prevention. The partnership aimed to strengthen its AML compliance framework and provide a safer and more efficient suite of financing solutions to its clients.
Earlier in August 2023, Tookitaki announced the launch of its Compliance-as-a-Service (CaaS) solution, focused on small and medium-sized financial institutions (FIs) across the globe. The capabilities were expected to provide financial institutions with access to the company’s flagship compliance tool – the Anti Money Laundering Suite (AMLS) on a secure, efficient, self-service platform.
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