Intelligent automation to simplify regulatory
compliance processes for financial institutions
New Delhi, 12th
August 2024 – Jocata, a leading RegTech
partner for the BFSI industry announces the pan-India rollout of its
industry-first offering called ‘One Case Manager’. Jocata One Case
Manager comes at a time when RBI circular dated January 2024 directs the
regulated entities (REs) to adopt a single/unified dashboard to bring all
stakeholders on one platform, showing all compliances in one place. The
solution transforms how financial institutions monitor financial crime
compliance by consolidating alerts from Anti-Money laundering (AML), Combating
the Financing of terrorism (CFT), Real Time Fraud Risk Management (FRM), and
Sanctions Screening onto a single platform, and builds a holistic view of
customer risk across digital and non-digital transactions.
The digital
revolution has opened doors for massive transformation in the Indian BFSI
industry. As per the Reserve Bank of India’s (RBI) annual report, digital
payments in India grew by 44% YoY in FY 2023 - 2024 with UPI driving this
growth and accounting for over 79.7% of total digital payments. As India is
rapidly advancing towards a cashless and paperless economy, frauds have
occurred predominantly in the category of digital payments. While current
solutions in the market equip financial institutions with capabilities like
AML/CFT, negative screening, and fraud detection, they are typically siloed due
to different platforms for different use cases of financial crime compliance.
As a result, investigators struggle to build a comprehensive customer risk
profile.
Jocata’s One
Case Manager addresses these challenges by providing a unified platform
tailored for banks, NBFCs, payments and insurance companies. It integrates the
data from multiple platforms in use, establishing a holistic risk view of the
customer thereby enhancing the effectiveness and efficiency of investigations.
It facilitates seamless collaboration and information sharing within concerned
teams with real-time communication eliminating redundant investigations and
repetitive manual tasks. With intelligent automation, Jocata One Case Manager
classifies and prioritizes cases, streamlining the triage process.
Speaking on the
occasion of this launch, Shailesh Deshpande, Director of Growth,
Jocata said, “Working with marquee financial institutions for over
a decade coupled with our expertise in the financial crime compliance
ecosystem, we built Jocata One Case Manager that is designed to transform
financial crime management in the BFSI industry. One Case Manager aggregates
cases and alerts from disparate systems significantly improving productivity
& empowering investigators to properly grasp the potential risk exposure in
a single collaborative environment. Combined with our AI/ML-powered data
analytics, financial institutions can analyse vast amounts of data, identify
patterns, and flag suspicious transactions with more than 98% accuracy thus
reducing false positives and making faster and better decisions. We’ve
consistently worked with our partners to achieve sustainable growth with our
world-class RegTech solutions. One Case Manager is a step further in assisting
them to strike a balance between customers’ banking preference of “anytime and
anywhere” and building a responsible and safe financial ecosystem.”
Jocata’s RegTech arm has enabled large financial institutions in India and
across various geographies with a robust financial crime compliance solution.
It has empowered financial institutions to navigate complex and evolving
regulatory compliance requirements with a comprehensive stack that can
seamlessly and securely manage large volumes of data with the added power of
data analytics. Jocata offers solutions including Customer Due Diligence &
KYC Management, Negative Screening, AML Transaction Monitoring & Regulatory
Reporting, Fraud Detection and Risk Categorization.
About Jocata
Jocata (a subsidiary of BillDesk) is a leading digital transformation partner
for 50+ large financial institutions across India, ASEAN and the Middle East.
Founded in 2010 and headquartered in India, Jocata offers a robust Financial
Crime Compliance (FCC) product suite and expertise in driving efficiency to
keep up with the dynamic & complex regulatory landscape. Jocata offers an
integrated FCC solution comprising of Anti-Money Laundering (AML) &
Regulatory Reporting, Negative Screening, Fraud Monitoring & Customer Risk
Categorization.
Jocata
specialises in digital lending using credit automation, smart decisioning and
intelligent monitoring. The purpose-built platform from Jocata powers
enterprise lending programs for large banks and NBFCs. The highly configurable and
low-code platform also operates in a SaaS model to enable analytics driven
lending and embedded finance models for lenders, fintechs, neobanks, and
marketplaces.
For more information please visit: https://jocata.com/one-case-manager/