Case Study
De-Risking Growth from Regulatory Risk for a Leading Payments Company
THE CLIENT
Paynamics – Pioneering Digital Payments for a Connected Philippines
Paynamics is a leading online payment service provider in the Philippines, enabling businesses of all sizes to accept payments through a wide variety of channels, including credit and debit cards, check processing, bank transfers, wallets, and vouchers. With over a decade of industry experience, the client’s platform is designed to support seamless payment acceptance via a single API. Their innovative approach has earned them multiple industry accolades, cementing their position as a trusted player in the digital payments sector.
THE CHALLENGE
Scaling compliance operations to support complete coverage of regulatory requirements.
The client faced several challenges in meeting the evolving regulations set by the Bangko Sentral ng Pilipinas (BSP):
- Preparing for rapid business growth while controlling compliance costs: The client needed a compliance solution capable of handling growing transaction volumes with high accuracy while minimizing false positives, which overwhelmed their compliance team.
- Reducing manual workload: Compliance administration relied heavily on manual efforts, leading to inefficiencies and delays. Automation was critical to improve operational speed.
- Minimizing IT dependency: The client sought a cloud-based solution to reduce reliance on internal IT teams, allowing them to focus on core business operations.
THE SOLUTION
Leveraging Tookitaki FinCense on AWS to deliver a scalable and automated compliance framework
The Tookitaki FinCense platform, integrated with AWS services, provided the client with a robust compliance solution designed to address their challenges.
1. High-Level Details:
- Scalability and Flexibility: AWS enabled Tookitaki to provide a scalable and flexible compliance solution. The client could process increasing transaction volumes and adapt to evolving regulatory requirements without overburdening their IT team.
- Cloud-Based Automation: Tookitaki deployed its FinCense platform on AWS to automate compliance processes, significantly reducing manual workloads and improving operational speed.
- Data Management and Security: Amazon RDS offered a secure and reliable environment to store and manage compliance-related data, ensuring adherence to financial regulations while delivering high performance for real-time monitoring and reporting.
2. Technical Details:
Amazon EC2 Systems Manager:
- Automation of Scenario Onboarding: Tookitaki used Amazon EC2 Systems Manager to streamline the deployment of new financial crime scenarios. This automation reduced onboarding times from months to days, ensuring timely updates in line with BSP regulations.
- Configuration Management: Centralized configuration enabled seamless updates to compliance workflows and rapid adaptation to changes in regulatory requirements.
Amazon RDS:
- Data Storage and Scalability: The client utilized Amazon RDS to handle large volumes of structured data, including transaction logs and financial crime scenarios. This ensured that the system could process high transaction volumes efficiently without performance degradation.
- Real-Time Querying: The integration of RDS with Tookitaki’s detection engine allowed for high-speed querying and real-time analysis of transactional data, enabling accurate identification of suspicious activities.
- Backup and Recovery: Automated backups and multi-AZ deployments provided a robust disaster recovery mechanism, ensuring compliance data was always available and secure.
Integration with Tookitaki’s Detection Engine:
- AWS infrastructure supported Tookitaki’s dynamic segmentation capabilities, allowing the detection engine to identify hidden patterns in large datasets. This integration improved the accuracy of alerts and reduced false positives.
Cloud-Based Infrastructure:
- AWS’s cloud environment removed the need for on-premise IT management, with Tookitaki handling updates and maintenance on the AWS platform. This reduced IT dependency and operational overhead for the client.
Outcomes
The client’s strategic approach to AML compliance, supported by Tookitaki’s FinCense platform and AWS services, delivered transformative results:
- Comprehensive Risk Coverage: The integration of Tookitaki’s FinCense platform with AWS services ensured robust compliance operations, allowing the client to stay ahead of evolving financial crime threats and regulatory changes from the BSP.
- Reduction in False Positives: By leveraging Tookitaki’s powerful detection engine and AWS’s high-performance infrastructure, the client achieved a 70% reduction in false positives, enabling their compliance team to focus on genuine threats and improve overall efficiency.
- Faster Deployment of New Scenarios: The client accelerated their compliance capabilities with a 60% faster deployment of new financial crime scenarios. AWS-powered automation allowed the compliance team to respond swiftly to emerging risks.
- Effort Optimization: With ~70% reduction in effort on threshold tuning and scenario testing, the client was able to streamline compliance processes and allocate resources more strategically.
- Cost Efficiency: Implementing the Tookitaki solution on AWS reduced ongoing maintenance costs by minimizing IT dependency. This allowed the client to align their compliance investments with long-term business goals.
These results highlight the client’s improved ability to respond proactively to financial crime threats while maintaining cost-efficient and scalable compliance operations.
“It was critical for us to comply with the BSP requirements in time to meet the business demands. Also, Tookitaki helped us simplify our compliance operations by providing with a single platform that effectively manages all AML processes."
Head of Compliance
