Tookitaki Introduces Compliance-as-a-Service Solution, For MSMEs Globally By CIOTechOutlook Team

Tookitaki Introduces Compliance-as-a-Service Solution, For MSMEs Globally

CIOTechOutlook Team | Monday, 07 August 2023, 05:56 IST

The launch of Tookitaki's Compliance-as-a-Service (CaaS) solution for small and mid-size financial institutions around the world has been announced. Tookitaki is a reputable leader in the anti-money laundering sector. Financial institutions (FIs) can now access Tookitaki's Anti Money Laundering Suite (AMLS), the company's flagship compliance solution, on a safe, self-service platform thanks to this ground-breaking SaaS offering that is cost- and efficiency-optimized.

Leading universal banks like UOB, regional banks, digital-only banks, e-wallets, and payment businesses, including industry leaders like Tencent, all have confidence in Tookitaki's AMLS. Through screening, transaction monitoring, and customer risk assessment, the CaaS system provides total risk coverage. It has APIs for smooth integration and standardized payload standards, allowing FIs to go live in two weeks. In addition to the watchlist data they already hold, the FIs can use pre-packaged watchlist data for screening.

It is a scalable, pay-as-you-go solution that offers excellent performance and dependability for quick development. The solution provides industry-standard certifications like SOC2 that significantly lessen reliance on internal IT and cover risk, security, and data protection.

Abhishek Chatterjee, Founder and CEO of Tookitaki, stated, "Tookitaki has a proud legacy of supporting both traditional banks and large fintech enterprises with our cutting-edge AML solution. The launch of our Compliance-as-a-Service solution is a significant step in making AMLS more accessible. This SaaS model allows fast-growing fintechs to get to market sooner, and future-proof their financial crime mitigation strategies with regular updates."

As per head of compliance at one of the biggest e-wallet providers, Tookitaki's CaaS solution is a great fit for them because it is portable, scalable, and delivers complete risk protection in addition to having a predictable low-cost footprint.