Tookitaki

regtechartificial intelligence/machine learningekyc/aml/cft/digital identity

FOUNDING YEAR: 2013
LOCATION: Singapore
Last Update: 19/01/2021

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About

Brief about Tookitaki.Today, financial institutions are spending US$250 billion + annually in regulatory compliance, says a recent report from KPMG. It also states that compliance department constitutes of 10-15% of a banks workforce. The manual dependency and heavy spends are encouraging FIs to rethink on the design and sustainability of current compliance programs. Tookitaki combines machine learning, distributed systems and business expertise to create building blocks of sustainable compliance management. Headquartered in Singapore with global offices in the US and India, the regtech start up has developed solutions to prevent money laundering, terror financing and automate large-scale banking reconciliations. Both the solutions, anti-money laundering suite (AMLS) and reconciliation suite (RS), have been tried and tested by FIs globally. A few noteworthy highlights include:United Overseas Bank acknowledges AMLS capabilitiesDeloitte performs independent validation of AMLS resultsSociete Generale drives operational efficiency through RSSingapore Accreditation Accreditation program from the Singapore Gov

MEDICI Analysis

Tookitaki is an AI-powered AML transaction monitoring and reconciliation software provider for the financial services industry. It built sustainable compliance management programs using machine learning-based applications. The company was a part of Nomura fintech accelerator programme "Voyager" in 2017.

Focus

PRODUCTS & SERVICES

The company offers core products such as; 1) AMLS (Anti-Money Laundering Suite) - It is a machine learning-powered antimoney laundering solution which improves operational efficiency, mitigates the risk of money laundering and reduces the cost of compliance. It helps current legacy systems to reduces false alerts and detects ‘missed’ suspicious cases, finding the right balance between efficiency and effectiveness. 2) Reconciliation Suite (RS) - It is an AI-enabled matching & substantiation solution for reconciliation. It improves quality and efficiency in the investigation process and reduces the cost of reconciliation.

REVENUE MODEL

Yearly USD 100k workflow based license model

MAIN CLIENTS

United Overseas Bank

Societe Generale and some other banks.

EXISTING PARTNERSHIPS

The company partnered with Mindtree to offer banks with AI based solutions to reduce risks and improve compliance.

PRIMARY PROBLEM SOLVED

Reconciliation Management and False Alert Management are 2 of the largest budget owners in Banking operations. But the current platforms available are not fit to solve the problems with the accuracy and scale of what is required. The reason being that current rules based applications are failing to cope up with the underlying changes in the data sets along with frequent regulatory rule reforms. Introducing Tookitaki which is specifically created to handle current data and reform needs for reconciliation and false alerts management use cases. The platform is changing the paradigm of using rules based applications in this space with our adaptive ML platform which brings in dramatic operational efficiency through improved process accuracy - decreases chances of decision leakages and continuous learning – always relevant to current business environment. Use Cases - 1. We have successfully onboarded a global European bank on our platform for their retail portfolio reconciliation break management. This is helping the bank to not only improve their operational efficiency by 40% but maintain a high match rate across their existing recon process (match rate falls if new rules are not created regularly). 2. We are onboarding a local bank to improve their False Alerts Management workflow in their transaction screening process. We have shown to reduce their false alerts by 30% and have cleaned their backlogs dramatically.

Traction

COMPANY TYPE:

For Profit

REVENUE COMMENT:

As our platform is internally deployed and do not claim to replace any existing systems, the banks find it less intrusive to accept and move forward. With less internal adoption friction and being able to show 30-40% operational efficiency lift, makes the adoption of the platform relatively smoother

NUMBER OF TRANSACTIONS:

5.00

TRANSACTIONS COMMENT:

”We are really impressed by the platform, its accuracy and how it can automate KYC process” - Global KYC / Compliance Team, Investment Bank.

ACTIVE USERS:

Standard Chartered, Socitie Generale

ACTIVE USERS COMMENT:

We have seen around 80 - 90% conversion to a 100k license once they enter into a pilot / Proof of Value stage. This stage is around 8 - 12 weeks and provides business the confidence to realize the ROI of our platform

TRACTION COMMENT:

We have been able to gain significant traction in Q4 2016 and Q1 2017. As our solution is focussed to solve banks' operational and compliance needs - which is one of the core focus areas of banks, we have been able to see this traction.

company provided insights
Web Traffic

Web Traffic

MONTHLY VISITS

2,462

AVERAGE VISITS (6 MONTHS)

2,435.74

MONTHLY VISITS GROWTH

109.41%

VISIT DURATION

171

VISIT DURATION GROWTH

-41.27%

PAGE VIEWS VISIT

1.98

PAGE VIEWS VISIT GROWTH

-42.47%

BOUNCE RATE

51.37%

BOUNCE RATE GROWTH

16.59%

GLOBAL TRAFFIC RANK

3,734,517

MONTHLY RANK CHANGE

-3,266,443

MONTHLY RANK GROWTH

-46.66%

Innovation Programs

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