Reported by: banking|Updated: January 9, 2021
IDBI Intech and Yotta have joined hands to offer IDBI Intech’s i-Reconciliation (i-Recon) and i-Anti-Money Laundering (i-AML) applications under the ‘Compliance as-a-Service’ umbrella. These services will address the growing challenges of regulatory compliance as mandated by RBI while keeping the operational complexities and costs low for the banks, insurance companies and NBFCs. These services will be available on Yotta Enterprise Cloud, which is highly scalable, secure, and hosted at Yotta NM1 – Asia’s largest and world’s second largest Tier IV data center certified by Uptime Institute, USA. The i-Recon application is PA DSS certified and powered by Yotta Enterprise Cloud. It offers an integrated reconciliation platform addressing the challenges of scalability, transaction volume, speed, and accuracy with an automated and integrated approach as required by banks and insurance companies. Similarly, i-AML, another flagship product by IDBI Intech and powered by Yotta Enterprise Cloud, helps BFSI companies to identify and combat various money laundering risks. Surajit Roy, MD & CEO, IDBI Intech, said both these fintech solutions are proven in the marketplace by leading banks and insurance companies. With this partnership, the solutions would become more accessible to a wider array of banks, insurance companies, and a whole array of entities in the BFSI sector, he added.