Meet TrackWizz: a software that helps BFSI to fight financial crime efficiently
CXOToday had engaged in an exclusive interview with Sagar Tanna, Founder CEO, TSS Consultancy
- Can you provide an overview on TSS Consultancy and its Tech platform Trackwizz ?
TSS Consultancy is a software product company incorporated in 2007 with a mission to fight financial crime and simplify operations through its multi module software product called TrackWizz, continuously enhanced by a team of 400+ individuals and supporting 350+ financial institutions.
TSS Consultancy was founded by Sagar Tanna and Sameer Tanna. Headquartered in Mumbai, they are financial technology and compliance partners which include Banks, Stock Brokers, Stock Exchanges, Hedge Funds and other financial institutions across 3 countries India, South Africa and the US. TSS Consultancy tech platform TrackWizz, one of its kind software product suite, is designed to empower the finance industry in fighting financial crime, money laundering, terror financing etc. Trackwizz aims to provide cutting edge technology solutions and is dedicated to serving the finance industry focussed on fighting financial crime, making operations efficient and helping business grow while keeping the economy crime free.
- Tell us more about the software product suite Trackwizz and how it is helping the financial institutions fight financial crime, detect malpractices such as money laundering and financial frauds?
TrackWizz is a one of its kind software product serving the multiple areas of compliance and operations to fight against financial crimes and frauds. Organisations can use Trackwizz for a range of compliance management
- Central KYC Registry based onboarding & Submission
- Sanction & watchlist screening
- Transaction Monitoring for AML & surveillance
- Risk rating and enhanced due diligence
- FATCA & CRS Reporting
- Insider Trading
Key highlights about TSS
- It is currently serving 4 out of the top 5 private sector banks in the country
- 8 out of the top 10 brokers in the country
- 3 of the 4 major exchanges in the country
- This year, FATF will be visiting India to conduct checks before India’s membership renewal, how do you think it is important for financial institutions to have transaction monitoring and regulatory reporting in place ?
FATF’s visit is crucial for India as it will have a significant impact on the country’s access to international financial markets and also its global reputation. Therefore, it is essential for organisations to ensure they are well-prepared and compliant with anti-money laundering (AML).
- Alignment: Our operations and actions should be aligned with our policies and updated with new rules and regulations.
- Timely decisions: Alerts generated should be acted upon quickly and comprehensive internal assessments should be done.
- Filing when required: Suspicion transaction filing with the FIU
- Investment in resources: Training , technology and people.
India is one of the members of the FATF and as part of this, it has FIU (Financial Intelligence Unit), which is directly under the Finance Ministry. All the businesses in the country are required to share suspicious information with FIU under the law, if they suspect that a customer is doing suspicious transactions or money is connected to terrorist financing. TrackWizz is the only made in India software and has an excellent curated watchlist combined with transaction monitoring and regulatory reporting, a full blown anti money laundering (AML) solution.
- Tell us more on the Trackwizz AML solution and how is it providing relief to both small and large institutions ?
TrackWizz software focuses on:
- Subject Matter Expertise: The compliance team should have a complete understanding of the regulatory obligations which is the fundamental and most important step. Our team at trackwizz comprises certified anti money laundering and financial crime specialists who carry rich experience in this field.
- Scope coverage: Ensuring completeness, TrackWizz platform ensures that it fully covers all the compliances, so the compliance teams are relieved from the need to engage with multiple systems or manual tasks for the same compliance.
- Continuous evolution with support of customer community: Every 3 months our customers receive a new version which are enhancements based on feedback of our customers and our research team.
- Flexible pricing: The flexible pricing allows us to support businesses of all sizes right from 500 customer base business to 3 crore providing relief to both small and large institutions.
- How is the company planning to scale ? How much has it grown in revenues from the last 12 months and at what rate is the industry going to grow and what are your growth plans?
In the last 12 months, TSS has grown from Rs 42 crore in March 2022 to Rs 61 crore. Trackwizz is now used by brokerage firms that generate about 70% of the daily trading volume on both the major exchanges. Apart from the brokers, Trackwizz is also used by top banks in India, NBFC’s and Fintech companies. Currently with its clients like HDFC securities, Axis Bank, Zerodha, among others.
- Are you planning to scale your offerings ? Give us a sneak peek into some of the new initiatives that you are planning to roll out?
We are also the first reg tech to get a direct authorization to do business in Gift City by IFSCA and we have received a license for the same. Our SAAS offerings are scaling up at a good pace and we are seeing remarkable growth hoping to serve the nation with these and definitely look to have a very good growth rate.
- What happens if money laundering/terrorist finance remains unchecked? What measures have to be taken in order to prevent them?
Today the importance of Anti Money Laundering is not only limited to safeguarding the financial institutions from terrorist financing and money laundering but also has significant alignment with fraud. Therefore it has become important for financial institutions all over the world to take appropriate measures to protect their customers and themselves from any criminal activity. Financial institutions that fail to act in accordance with the AML regulations face significant reputational damage and also sizable penalties.
Hence, it has become important to provide cutting edge technology solutions that Trackwizz is offering to financial institutions, a product suite of TSS which is dedicated to serving the finance industry focussed on fighting financial crime, making operations efficient and helping business grow while keeping the economy crime free.
- What are the expansion plans in terms of geographic reach?
TSS is the first regtech to get a direct authorization in IFSC – Gift city, which is an international financial centre. We aspire to help India become a global financial centre.
- With the expansion plans and target milestones set by Trackwizz, how do you anticipate the company’s financial performance to evolve in the coming years? Are there any specific financial goals or metrics that you are aiming to achieve?
We plan to grow our customer base from 350+ institutions to 1000+ institutions
