Mindtree, a global technology services and digital transformation company, guiding its clients to achieve faster business outcomes, is using Artificial Intelligence [AI] and Machine Learning [ML] to help banks improve their ability to detect financial crimes and enhance reconciliation management. These service offerings are made possible through a partnership with Tookitaki’s machine-learning-powered platform.

Banks and other financial institutions are challenged by both the rising sophistication of financial crimes worldwide 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 an urgent need for these institutions to automate many of these processes, reducing errors and accelerating their response times to incidents.

To address these challenges, Mindtree and Tookitaki are now offering these services

Smart Alert Management

A completely automated, dynamically-adaptive model based on artificial intelligence and machine learning technology to detect suspicious cases more accurately. It reduces false alerts, increases true positives [suspicious cases missed by rules/legacy systems], lowers costs, and enhances the productivity of analysts. Banks can improve the anti-money laundering process using machine learning.

Smart Reconciliation Management

An end-to-end automated approach to reconciliation management across business functions. Using machine learning and analytics, it increases match rates, resolves exceptions, recommends adjustment amounts and generates an audit trail for thorough business understanding. This shifts reconciliation from being subjective and error-prone to objective and more accurate. Banks can automatically handle exceptions and correct source systems while staying compliant.

Kamran Ozair, EVP & Head of Banking, Financial Services and Insurance at Mindtree, said

There is a compelling need for banks today to automate many traditionally manual, intensive, error-prone tasks. 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.

Abhishek Chatterjee, Founder & CEO of Tookitaki, said

Rapid development in artificial intelligence and robotics technologies has brought in massive adoption of automated technologies across industries. 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.

About Mindtree

Mindtree is a global technology consulting and services company, helping Global 2000 corporations marry scale with agility to achieve competitive advantage. ‘Born digital’ in 1999, more than 340 enterprise clients rely on our deep domain knowledge to break down silos, make sense of digital complexity and bring new initiatives to market faster. Operating across 17 countries, Mindtree is consistently regarded as one of the best places to work, embodied every day by our winning culture made up of 19,000 entrepreneurial, collaborative and dedicated ‘Mindtree Minds’

ACT Fibernet [Atria Convergence Technologies Ltd.] India’s largest fiber-focused wired broadband ISP* announced its partnership with Amazon Pay to create a quick and seamless bill payment channel for its customers. As part of the tie-up, ACT Fibernet will integrate Amazon Pay on its company website, portal and app, which will provide the users an additional channel to make online payments.

E-wallet has become ubiquitous owing to its benefits of being a convenient and secure mode of payment. With an aim to provide a holistic user experience with ACT Fibernet, this latest feature will help accelerate the transaction process and facilitate one tap bill payment. The e-wallet facility will be made available to all the 1.3 million registered customers across 14 cities where ACT Fibernet has presence.

Speaking on the partnership, Ravi Karthik, Head of Marketing, Atria Convergence Technologies Ltd said

Digital wallet payment has phenomenally transformed the way we make monetary transactions today. It is fast, secure and highly convenient. We are extremely happy to extend the e-wallet service to our customers via Amazon Pay – one of the most trusted consumer brands. We believe this easy payment option will amplify our users experience and add value to their lives.

Commenting on the partnership, Manesh Mahatme, Director – Acceptance and Merchant Payments, said

We are happy to partner with ACT Fibernet to extend the trusted and convenient Amazon Pay experience for customers. We understand our customers’ needs and continuously seek to enhance their payment experience across platforms they frequently use.  Our primary tenet of any partnership is to make digital payments the most trusted, convenient and rewarding choice for customers.

In addition to this, Amazon Pay will run exciting cashback offers for ACT Fibernet customers. Users making bill payment or applying for new connections through Amazon Pay on ACT Fibernet website portal or App in the month of August will be rewarded with exciting cashback offers – which could be used to purchase any product or service within the wallet.

About ACT Fibernet*

ACT Fibernet, India’s largest fiber-focused wired broadband ISP as on September 30, 2017 [in terms of number of fiber broadband internet subscribers from residential homes] [India Broadband Market Overview – 2017 dated February 19, 2018, prepared by Media Partners Asia]. Headquartered in Bengaluru, ACT Fibernet has operations in 14 Indian cities as on December 31, 2017 with approximately 1.3 million customers.

As part of its efforts to make technology accessible and productive for all, Microsoft has announced the addition of Tamil 99 – the popular Tamil language virtual keyboard – to Windows 10 PCs as part of the latest Windows update made available in April 2018. The new feature works with both hardware as well as touch keyboards providing another convenient option for Tamil text input.

While the Tamil keyboard based on InScript standard has been available on various Windows since 2010, the Tamil 99 keyboard adds to the number of choices available to Windows 10 users. Standardized and approved by the Tamil Nadu government in 1999, the Tamil 99 keyboard layout was created to help Tamil users type in a faster and simpler manner. It is now available on Windows 10 to users of both Tamil [India] and Tamil [Sri Lanka] languages, thereby assisting the wide base of Tamil users in India and other countries such as Sri Lanka, Malaysia, Singapore, South Africa and Mauritius.

Speaking on this, Meetul Patel, COO, Microsoft India, said

Microsoft is focused on empowering everyone by breaking down all language related barriers in technology. It has always been our endeavor to provide users computing in local languages and enable them to be more productive. We are committed to supporting the national standards for Indian language technologies including the InScript keyboard layouts and adding the Tamil 99 keyboard is another significant step to making computing more accessible to a large number of users.

Tamil computing is an important focus area for Microsoft Bhasha, an initiative started in year 1998 to accelerate and simplify computing in Indian languages. Apart from the two keyboard options, Input Method Editors [IMEs] for Tamil – including the popular Indic Language Input Tool [ILIT] are also available on Indic language community website bhashaindia. Microsoft has been closely working with the Kani Tamizh Parvai [Tamil Virtual Academy], a state government body, to understand the needs of common Tamil language users and strengthen its efforts to provide them a quality computing experience.

Keyboard standards

InScript [Indian Script] is the official Indian keyboard standard approved by the Government of India in 1986.  It provides a near identical text input experience on digital devices, across 12 Indian scripts including Tamil. The Tamil 99 Keyboard layout was standardized in 1999 and approved by Tamil Nadu government. Designed for use with a normal QWERTY keyboard, it follows a consonant-vowel pattern. The arrangement of the characters allows for fast and simple typing.