Jocata, a prominent RegTech partner for the BFSI (Banking, Financial Services, and Insurance) industry, has launched its groundbreaking solution, ‘One Case Manager,’ in a nationwide rollout. This innovative offering aligns with the Reserve Bank of India’s (RBI) January 2024 directive, which mandates regulated entities to adopt a unified dashboard for compliance management. The RBI’s circular aims to consolidate all compliance-related information onto a single platform, streamlining the monitoring of financial crime compliance.
The ‘One Case Manager’ platform is set to transform how financial institutions manage financial crime compliance by integrating alerts from various critical functions, including Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), Real-Time Fraud Risk Management (FRM), and Sanctions Screening. This consolidation creates a comprehensive view of customer risk, addressing the challenges posed by the rapid growth of digital payments in India, which increased by 44% year-over-year in FY 2023-2024, with UPI accounting for over 79.7% of the total digital payments.
As the Indian economy moves towards a cashless and paperless future, digital payment frauds have surged, predominantly affecting this sector. Traditional solutions in the market are often fragmented, as they use separate platforms for different aspects of financial crime compliance. This fragmentation hinders investigators’ ability to build a holistic customer risk profile.
Jocata’s ‘One Case Manager’ addresses these issues by providing a single, unified platform designed specifically for banks, non-banking financial companies (NBFCs), payment firms, and insurance companies. By integrating data from various existing platforms, it creates a comprehensive risk profile of customers, thereby enhancing the efficiency and effectiveness of investigations. The platform facilitates real-time collaboration and information sharing among teams, reducing redundant investigations and minimizing manual tasks. With intelligent automation, ‘One Case Manager’ prioritizes and classifies cases, streamlining the triage process and improving overall productivity.
Shailesh Deshpande, Director of Growth at Jocata, highlighted the significance of this launch. He stated, “Our extensive experience with leading financial institutions and our deep expertise in financial crime compliance have enabled us to develop ‘One Case Manager.’ This platform aggregates cases and alerts from disparate systems, significantly boosting productivity and enabling investigators to better understand potential risk exposures in a unified, collaborative environment. The platform leverages AI and ML-powered data analytics to analyze large datasets, identify patterns, and flag suspicious transactions with over 98% accuracy. This reduces false positives and enables faster, more informed decision-making. Our ongoing collaboration with partners reflects our commitment to balancing customers’ preference for ‘anytime and anywhere’ banking with the need to build a secure and responsible financial ecosystem.”
Jocata’s RegTech solutions have empowered large financial institutions both in India and internationally to navigate complex regulatory requirements efficiently. The company’s comprehensive suite of solutions includes Customer Due Diligence and KYC Management, Negative Screening, AML Transaction Monitoring and Regulatory Reporting, Fraud Detection, and Risk Categorization. By offering these integrated solutions, Jocata helps financial institutions manage large volumes of data securely and effectively.
Founded in 2010 and headquartered in India, Jocata operates as a subsidiary of BillDesk. The company is a leading digital transformation partner for over 50 major financial institutions across India, ASEAN, and the Middle East. Jocata’s expertise extends to digital lending, where it uses credit automation, smart decision-making, and intelligent monitoring to drive efficiency. The company’s platform supports enterprise lending programs for large banks and NBFCs, and its highly configurable, low-code platform operates in a SaaS model. This enables analytics-driven lending and embedded finance models for lenders, fintechs, neobanks, and marketplaces.
