In January 2023, the Reserve Bank of India (RBI) selected the rt360 Real-Time Monitoring System for the test-phase under the regulatory sandbox, on the theme ‘Prevention and mitigation of financial frauds’. RBI has acknowledged that the product is a ‘comprehensive surveillance mechanism for monitoring transactions and events from loan accounts on a continuous and real-time basis’. “The rt360 Real-Time Monitoring System is a technology-enabled monitoring solution to help banks closely observe their borrowers for signs of probable fund diversion, incipient credit stress, suspicious transactions, etc, on a real time/near real time, pro-active basis, rather than relying on a post-facto audit,” explains Jaya Vaidhyanathan, CEO, BCT Digital, which is a part of the Bahwan CyberTek group, a global entity, which delivers disruptive FinTech, RegTech and CleanTech solutions to large organisations across diverse industries. This is important in today’s context, where high volume, value and velocity of transactions make it difficult to monitor genuineness and end-use, resulting in innovative frauds, as well as challenges in tracing movement of funds. While banks already have enterprise fraud risk systems in place, these are focussed on channel frauds and apply mostly to the liabilities side, whereas the problem of credit frauds – which still account for a chunk of overall frauds – remain unaddressed. “This is the gap which the rt360 Real Time Monitoring System seeks to bridge,” adds Vaidhyanathan, whose company focusses on the risk management and regulatory needs of the banking and finance sector (BFSI), on a global scale. Adopting emerging technologies The core of BCT Digital’s offerings lies in the ability to identify gaps and building solutions that are specifically suited to India and yet scalable to the global markets. BCT Digital, a niche player in the RegTech arena, adopts emerging technologies to enable financial institutions to mitigate risks, ensure liquidity and improve customer engagement. Vaidhyanathan has over two decades of industry experience across diverse portfolios, including product strategy, innovation, digital transformation, risk management and M&A. She combines her extensive knowledge of financial markets with disruptive new-age technologies to drive growth and innovation in India’s leading enterprises and financial institutions. An alumnus of the Cornell University and a CFA charter holder, Vaidhyanathan’s professional journey began on Wall Street in the US as an investment banker. Later, she joined HCL, where she was at the helm of large-deal businesses and had won the company’s first massive $780 million deal. Later, as managing partner, financial services, Accenture, she led complex global off-shore engagements, working with geographically dispersed teams. Today, she serves as an independent director on the board of UTI Asset Management Co and IndiGrid. She is also one of two external directors on the global board of PwC and one of two independent directors on the PwC India Board, while serving as an advisor to high-impact social welfare organisations, like the Mastermind Foundation, an NGO that promotes rehabilitation of mentally challenged women. BCT Digital is the market leader in the overall risk management space, including an array of products relating to rt360, such as credit risk suite; governance, risk & compliance (GRC) suite; model risk management (MRM); and asset liability management (ALM). Chartis, an analysts’ firm, had ranked BCT Digital amongst the top 100 risk management companies in the world in its 2022 and 2023 global Risktech 100 reports, in recognition of the rt360 product suite. In Chartis’ 2023 report, BCT Digital’s ranking has moved up by 17 places vis-à-vis 2022.
-
Vaidhyanathan: driving growth and innovation
