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        Case Study

        Building a Future-Ready Community-Driven Compliance Model for a Leading Payment Processor

        Payments Icon

        THE CLIENT

        One of the largest Singapore based Payment Processor

        The client is a global leader in internet and technology innovation. It has a fast-growing payment business which connects millions of merchants, businesses and retail customers with each other, allowing them to transact, and do business seamlessly in regions like Singapore, Hong Kong, and Europe.

        Their remarkable success has resulted in rapid business growth leading to a fast expanding customer base. It was precisely to meet the challenges of staggering growth across various compliance regimes that prompted the client to look for cutting-edge solutions. 

        THE CHALLENGE

        Roll out new AML measures quickly to support business expansion, while efficiently handling regulatory risks and keeping costs in check.

        Risk

        The client aimed to align its growth strategy with regulatory compliance requirements in regions like Singapore, Hong Kong, and Europe.

        It faced the pressing need to scale up its financial crime compliance capabilities to support rapidly changing regulatory requirements, emerging money laundering threats and an expanding customer base.

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        Future-proofing

        The client needed a solution that can enable it to stay ahead of evolving fincrime needs and provide comprehensive risk coverage.

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        Agility & Cost Efficiency

        The ability to rapidly scale compliance and efficiently onboard new money laundering scenarios was a strategic imperative. 

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        Operational Excellence

        The existing customer monitoring, and scoring processes were inconsistent with the client’s vision of operational excellence.

        THE SOLUTION

        Building a robust and scalable financial crime solution  

        Payments Diagram

        To address these challenges, the client initiated a transformative journey to craft a comprehensive and scalable financial crime solution which will act as a strategic enabler to its business growth. Tookitaki partnered with the client on this strategic journey and deployed our powerful FinCense platform and end-to-end financial crime compliance operating system.

        Key Features

        Comprehensive Risk Coverage

        A community-driven approach, providing access to the largest database of fincrime scenarios.

        Faster Scenario Onboarding

        Fully automated simulation mode and threshold tuning to deploy new typologies in days instead of months

        Enhanced Detection

        Advanced transaction monitoring capabilities, reducing false positives and enhancing risk mitigation.

        Customer Screening

        Advanced name screening capabilities to streamline customer screening and elevate risk assessment.

        Streamlined Investigation

        Powerful Case Manager providing a strategic 360º customer view for better workflow management.

        360º Customer Risk View

        Robust customer risk scoring solution to strategically allocate resources and prioritise high-risk customers

        THE RESULTS

        The client’s strategic approach to AML compliance bore fruit in multiple dimensions. It was able to respond faster to the evolving financial crime threats and regulatory requirements. The deployment of Tookitaki FinCense led to lower resource requirements for ongoing maintenance. The client strategically channelled these resources into areas that aligned with its long-term strategic vision.

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        Faster Deployment of New Scenarios
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        Reduction in Threshold Tuning & Scenario Testing Effort

        “It was critical for us to comply with the MAS requirements in time to meet the business demands. Also with the volumes we process, we needed to introduce robust technology that detects money laundering effectively and accurately."

        VP, Compliance | Global Payments

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