Tookitaki is partnering with Hewlett Packard Enterprise to provide the financial sector with enhanced anti-money laundering capabilities using artificial intelligence and machine learning.
The offering, delivered via HPE GreenLake for Big Data, enables financial institutions to create a central big data platform capable of rolling out anti-money laundering solutions centered around data analytics, the Singapore-based regtech said in a statement.
The announcement follows a pilot with UOB that covered transaction monitoring and name screening, in which the models achieved 96% prediction accuracy in the «high priority» category, the announcement said.
Cost-Effective Model
Abhishek Chatterjee, Co-Founder and CEO, Tookitaki, said that banks need high module accuracy systems to ensure they are staying compliant at a time when organizational growth and business continuity are crucial to success and highlighted the benefits of an enhanced AML solution delivered with the flexibility of an as-a-service model.
Founded in 2014, Tookitaki's revenue growth has surpassed 300 percent over the last two years. It raised $19.2 million in Series A funding in 2019, which the startup said would be used to grow its presence across the U.S. and Asia-Pacific.
