Tookitaki Introduces Compliance-as-a-Service Solution

Tookitaki, a trusted leader in the anti-money laundering space, announced the launch of its Compliance-as-a–Service (CaaS) solution for small and mid-size financial institutions globally.

This innovative SaaS offering, optimised for cost and efficiency, gives financial institutions (FIs) access to Tookitaki's flagship compliance solution - the Anti Money Laundering Suite (AMLS) on a secure, self-service platform.

Tookitaki's AMLS is trusted by leading universal banks such as UOB, regional banks, digital-only banks, e-wallets, and payment companies. The CaaS solution delivers complete risk coverage across screening, transaction monitoring and customer risk scoring. It comes with standardised payload specifications, and APIs for seamless integration, enabling FIs to go live in two weeks. The FIs can also leverage pre-packaged watchlist data for screening in addition to existing watchlist data that they have.

It is a flexible, pay-as-you-go solution that scales horizontally, delivering high reliability and performance for rapid growth. The service includes industry-standard certifications spanning risk, security, and data privacy, substantially reducing the dependency on internal IT.

Mr 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."

(Source: Finextra)