TSS Consultancy was founded in 2007 by Sagar Tanna and Sameer Tanna. Headquartered in Mumbai, they are financial technology and compliance partners for over 300 institutions which include Banks, Stock Brokers, Stock Exchanges, Hedge Funds and other financial institutions across 3 countries India, South Africa, and the US with 400+ team strength. TSS Consultancy tech platform TrackWizz, one of its one-of-a-kind software product suites, is designed to empower the finance industry in fighting financial crime, money laundering, terror financing, etc.
In the last 12 months, TSS has grown its revenues by 43% and currently has a topline of Rs 60 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, NBFCs, and Fintech companies. Currently with its clients like HDFC Securities, Axis Bank, and Zerodha, among others, 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.
Sagar Tanna is the Founder & CEO of TSS Consultancy Private Limited, a technology solutions company that has created a software platform “TrackWizz” committed to fighting financial crime and simplifying operations for financial institutions. TrackWizz serves more than 350 + institutions with a team of 400+ team members in the area of a. CKYC b. Anti Money Laundering including sanction screening and transaction monitoring c. Insider Trading & d. FATCA reporting.
A bachelor in Information technology and certified financial crime specialist, an alumnus of Stanford Seed, he is focused on solving problems in depth. The customer base of TrackWizz includes 4 out of the top 5 private sector banks in India. 9 of the top 10 Brokers in India and more than 100 capital market institutions. He is a firm believer in the India story and is convinced that the next 20 years are India’s golden years.
Recently we have engaged in an interview with Sagar Tanna, CEO and co-founder, of Trackwizz. He spoke about his business operations and what are the plans for future expansion and much more.
TSS Consultancy is the fastest growing reg tech company with a mission to fight against financial crimes and simplify operations through its multi-module software product called TrackWizz, continuously strengthened by a team of over 400+ professionals and supporting more than 350+ financial institutions. Founded in 2008 by Sagar, Sameer & Chandrakant Tanna, the TrackWizz platform has emerged as the most preferred and trusted financial compliance software for institutions like Banks, Stock Brokers, Stock Exchanges, and Hedge Funds across India.
Sagar Tanna is the Founder & CEO of TSS Consultancy, a technology solutions company that has created a software platform “TrackWizz” committed to fighting financial crimes like money laundering, insider trading, and terrorist financing. A bachelor in Information technology and certified financial crime specialist, an alumnus of Stanford Seed, he is a firm believer of the India story and is convinced that the next 20 years are India’s golden years. An expert at converting regulatory obligations to practical actions, he is passionate about fighting financial crime in every way possible.
Can you tell us about the inspiration behind starting TrackWizz and the key problem you aimed to solve?
The inspiration to launch TrackWizz came from securing financial markets from criminals. Being from a family of stock brokers, that was the thesis we started building the platform and realized that this problem is complex and multi-layered as it spans many key financial institutions that are in need of a solution. The enactment of PMLA was a turning point for institutions to realize that they would be questioned if found in breach and would have to deal with serious consequences. By then TrackWizz had started establishing itself as the only tech product helping the BFSI sector to fulfil its obligations under the law.
How has the journey been so far as the Co-founder & CEO of TrackWizz? What are some of the major challenges you faced in the initial stages of the company?
The journey has been fulfilling and rewarding. Today, we are one of the largest and one-of-a-kind reg tech companies specializing in key areas like AML, CKYC screening, and monitoring, providing insights on transactions that look suspicious, and helping companies deal with the menace of insider trading. Our solution is also being used by stock exchanges. The challenges that we have faced have also been opportunities to help companies understand their role in safeguarding our economic growth as a nation.
- Lack of awareness: Many financial institutions continue to be unclear about their mandatory obligations under laws like PMLA. They are required to report suspicious transactions and file it with the FIU. But due to the nature and volume of transactions companies are often caught up on the wrong side of the law.
- Reputational risk: Companies aren’t aware of the serious consequences to their reputation which takes a hit as a fallout of a financial scam that has been executed using their systems. There is a saying, which is true in the finance world – Trust is the most important currency financial institutions trade in. Loss of trust leads to losing customers and their business.
Some of these challenges can result in a longer decision-making cycle from the institutions’ end putting them at risk.
What, as per you, are the five important things that TrackWizz should be looking at today? What are the most important things for TrackWizz as a platform?
At TrackWizz, we believe that we should play an active role in bringing affordability to fighting financial crime by introducing cutting-edge tech and a risk-based approach.
Ownership: Our commitment is to partner with the responsibilities of the institutions to meet their obligations and not simply provide a software solution.
Continuous Evolution: This is to constantly upgrade ourselves to keep pace with the changing regulations and the financial criminals.
Security: With zero security incidents in the last 14 years, we are both proud and conscious of the fact that we value data the most.
Fit to needs: With a risk-based approach, we provide the right package to the businesses. For eg: the risk in a customer in a portfolio with Rs 5 crore vs. an NBFC customer with a Rs 50k loan would be different from each other. Our offering to them will be designed on the risk evaluation of these 2 different types of customer profiles.
Speed: The fastest screening API in the country with the best quality results demonstrates our commitment and our goal to be the best-in-class service provider.
Subject matter experts: 400+ team which is a combination of tech and certified financial crime specialists validate our leadership in the sector and encourage us to deepen our investment further to maintain our leadership position.
In a competitive market, what do you believe sets TrackWizz apart from its competitors?
Subject matter experts
Maturity: Specialists for 15 years and counting
Focus and precision: Right from the inception, we have built our offerings in 4 areas of expertise and our understanding of these sectors is deep. Over time, we have deliberately stayed away from diversifying into newer areas of compliance and have continued to sharpen our focus on key areas like anti money laundering, screening and monitoring, etc. For us, acquiring precise knowledge of key regulations gives us the edge in providing tech-led solutions to our customers.
Our mission to fight financial crime remains unchanged as we are committed to this vision.
How important is customer feedback in shaping the development and improvement of TrackWizz’s products/services?
With over 300 customers and their numerous analysts who use our system, share their intellectual requirements to upgrade tech. That’s the power of the community of financial soldiers whom we empower and consider them our largest asset.
At TrackWizz, we understand the significance of customer feedback in influencing the development and enhancement of the platform. Every quarter we provide our customers with updated versions, incorporating improvements that are based on customer feedback and the insights of our research team.