Mindtree has partnered with Tookitaki to use AI and Machine Learning to help banks across reduce risk and improve compliance.
The global technology consulting and services company will leverage Tookitaki’s machine-learning-powered platform to enable banks to automate anti money laundering and reconciliation management.
Banks and other financial institutions are faced with sophisticated financial crimes and increasingly complex regulations requiring strict operating and reporting standards. The ongoing efforts to manually detect money laundering, dealing with false alarms and fragmented reconciliation processes are costly and time consuming.
“There is a compelling need for banks today to automate many traditionally manual, intensive, error-prone tasks,” said Kamran Ozair, executive vice president and head of banking, financial services and insurance at Mindtree. “This partnership combines Tookitaki’s predictive modeling capabilities and Mindtree’s deep expertise in helping enterprise clients capitalize on artificial intelligence and machine learning to help banks run their business more efficiently.”
To address the challenges facing financial institutions, Mindtree and Tookitaki are now offering two new services.
Smart Alert Management uses artificial intelligence and machine learning technology to detect suspicious cases. It claims to reduce false alerts, increases true positives (suspicious cases missed by rules/legacy systems), lowers costs, and enhances the productivity of analysts.
The second service, Smart Reconciliation Management, provides an end-to-end automated approach to reconciliation management across business functions. Using machine learning and analytics, it claims to increase match rates, resolves exceptions, recommends adjustment amounts and generates an audit trail for thorough business understanding. By shifting reconciliation from being subjective and error-prone to objective and more accurate, banks can automatically handle exceptions and correct source systems while staying compliant.
Abhishek Chatterjee, founder and CEO of Tookitaki. “For banks especially, who are dealing with strict regulations and little room for error, automation can drive quality, productivity and profitability. Our partnership with Mindtree has made it easier and more efficient for customers in the financial services industry to introduce artificial intelligence and machine learning capabilities into the critical space of regulatory compliance.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
