Recently we learned that this project got a pile of dosh from the Bill and Melinda Gates foundation, so we thought we might look into it with you. Tazama is an Open Source Real-Time Transaction Monitoring Software built to support any Digital Financial Services Provider (DFSP) that requires Transaction Monitoring for Fraud and Money Laundering (AML) detection. Whether that DFSP is a small provider running one or 2 transactions per day or a national payment switch running at over 3,000 Transactions per second. With Tazama they can implement simple or complex rules, implement Fraud Detection controls or support Anti-Money Laundering activities. Could this be the first attempt at the democratization of Fraud and AML software? It seems so. Tazama is a system designed to keep an eye on transactions happening in real-time. It gathers data from various sources in the financial world, like banks and payment services, and analyzes it to detect any suspicious activity, such as fraud or money laundering.
The system works by storing all the gathered transaction data in a database. Then, it uses rule processors to evaluate each transaction and its participants to find any signs of suspicious behavior. These evaluations are summarized into scenarios called typologies, which help identify potential fraudulent activities. When the system detects enough evidence of suspicious behavior based on the rules and typologies, it sends out alerts for investigation. In serious cases, it can even stop transactions to prevent the transfer of funds. Tazama is built to work with the ISO20022 standard for financial messaging. Even if a system doesn't use this standard, it can still communicate with Tazama through a special adapter that converts messages into the ISO20022 format. To understand how Tazama works in more detail, we'll look at its key components, like the Transaction Monitoring Service API, Channel Router and Setup Processor, Rules Processor, Typology Processor, and Transaction Aggregator and Decision Processor. Each of these parts plays a specific role in keeping transactions safe and secure. These components work together to analyze transactions, detect any signs of financial crime, and take appropriate actions to safeguard the financial ecosystem. By understanding how Tazama operates, we can better protect against fraud and money laundering in the world of finance. Tazama is a system designed to keep an eye on transactions happening in real-time. It gathers data from various sources in the financial world, like banks and payment services, and analyzes it to detect any suspicious activity, such as fraud or money laundering. The system works by storing all the gathered transaction data in a database. Then, it uses rule processors to evaluate each transaction and its participants to find any signs of suspicious behavior. These evaluations are summarized into scenarios called typologies, which help identify potential fraudulent activities. When the system detects enough evidence of suspicious behavior based on the rules and typologies, it sends out alerts for investigation. In serious cases, it can even stop transactions to prevent the transfer of funds. Tazama is built to work with the ISO20022 standard for financial messaging. Even if a system doesn't use this standard, it can still communicate with Tazama through a special adapter that converts messages into the ISO20022 format. To understand how Tazama works in more detail, we'll look at its key components, like the Transaction Monitoring Service API, Channel Router and Setup Processor, Rules Processor, Typology Processor, and Transaction Aggregator and Decision Processor. Each of these parts plays a specific role in keeping transactions safe and secure. These components work together to analyze transactions, detect any signs of financial crime, and take appropriate actions to safeguard the financial ecosystem. By understanding how Tazama operates, we can better protect against fraud and money laundering in the world of finance. Tazama is a system designed to keep an eye on transactions happening in real-time. It gathers data from various sources in the financial world, like banks and payment services, and analyzes it to detect any suspicious activity, such as fraud or money laundering. The system works by storing all the gathered transaction data in a database. Then, it uses rule processors to evaluate each transaction and its participants to find any signs of suspicious behavior. These evaluations are summarized into scenarios called typologies, which help identify potential fraudulent activities. When the system detects enough evidence of suspicious behavior based on the rules and typologies, it sends out alerts for investigation. In serious cases, it can even stop transactions to prevent the transfer of funds. Tazama is built to work with the ISO20022 standard for financial messaging. Even if a system doesn't use this standard, it can still communicate with Tazama through a special adapter that converts messages into the ISO20022 format. To understand how Tazama works in more detail, we'll look at its key components, like the Transaction Monitoring Service API, Channel Router and Setup Processor, Rules Processor, Typology Processor, and Transaction Aggregator and Decision Processor. Each of these parts plays a specific role in keeping transactions safe and secure. These components work together to analyze transactions, detect any signs of financial crime, and take appropriate actions to safeguard the financial ecosystem. By understanding how Tazama operates, the hope is that we can, one day in the future, better protect against fraud and money laundering in the world of finance. Leave a Reply. |
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April 2024
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