DIFENZ & Signzy To Bring AI Compliance Tool To FIs

The new offering will leverage No-code capability for faster GTM and AI engine for compliance automation

8i funded DIFENZ joins Signzy Suite to bring AI compliance tool to Indian market

FinTech BizNews Service   

Mumbai, February 20, 2024: Signzy, a leading digital banking infrastructure provider, announces its collaboration with Difenz to provide seamless AI-led KYC compliance solutions to the financial institutions (FIs). With this collaboration, Signzy aims to deliver advanced risk and compliance solutions, eradicating redundancy across frameworks for FIs. The partnership will enable Signzy to provide advanced AML Screening, Transaction Monitoring, Effective Chargeback Management and Compliance Management System to help organisations adhere to regulatory requirements, detect and prevent digital frauds and help protect business reputation. 

Founded in 2020 by Madhu Srinivas and Sivaram Jayaraman, Difenz is headquartered in Bangalore and helps financial institutions with Compliance Solutions - Risk Categorization, Transaction Monitoring, AML checks, Chargeback Solution and Compliance Management System. The solutions will empower FIs to monitor risks across all fronts in real-time while maintaining compliance with multiple regulatory frameworks.

Commenting on the partnership, Mr. Ankit Ratan, CEO & Co-founder at Signzy, said, "We are delighted to collaborate with Difenz to provide solutions that seamlessly integrate with our current KYC onboarding systems. Difenz’s product is plug and play, we experienced it first hand when one of our common customers was able to go live within just 2 weeks on their transaction monitoring tool. For anyone who understands Monitoring this is unimaginable speed.  Their system had run on 4 mn transactions a day without breaking a sweat, which again impressed us. We saw clear synergies in taking a joint offering to the market. Madhu and Siva are those rare compliance people who are trained to be risk averse but still took the risk to start a venture, making them a rare find in the ecosystem. We couldn’t have wished for a better team to lead this offering. ”

8i Ventures, which has funded Difenz, is an early-stage venture capital fund primarily focusing on Indian startups and invested in start-ups such as Slice, M2P, Kodo, Easebuzz, Blue Tokai, Carwale.com, EzeTap and Freo amongst others.

Mr. Vikram Chachra, Founding Partner at 8i Ventures said, “We invested in Difenz due to our confidence in their innovative product in compliance and fraud risk management, which was rare in an industry dominated by old incumbents. The co-founders of Difenz are leading experts in the domain, bringing about 30 years of collective experience in addressing compliance-related challenges. This expertise serves as an antithesis to innovation without constraints in fintech. Which has been proven right with recent events. We are delighted with Signzy and Difenz joining forces, as Signzy brings a larger client base and provides Difenz with the opportunity to enhance the adoption of their market-leading product by banks across India, the Middle East, and the US.”

Mr. Madhu Srinivas, Co-founder at Difenz, said, “Signzy holds a prominent position in the financial institutions ecosystem, and through this collaboration, Difenz will expand its reach to a broader market segment. This partnership aims to enhance clientele experience by facilitating end-to-end customer journey management, enabling clients to concentrate on their core business activities.”

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