RZOLUT
“At RZOLUT, we leverage cutting edge technologies, proprietary data assets, methodologies and frameworks to build deep partnerships with customers across the globe.”
For its enthralling edition, “The 10 Fintech Companies Making Waves in Finance Sector 2024,” Tycoon Insights had the privilege of interacting with a disruptive FinTech leader, RZOLUT, which is a distinguished integrated data and technology platform serving customers in the domains of financial crime compliance, anti-money laundering, third-party risk management, and allied areas.
It was Mr. Sarabjeet Singh, a partner at KPMG, who founded RZOLUT with a vision to disrupt the AL/ML financial crime compliance industry. He knew that there was an urgent need to introduce a low-cost, fully digital data and technology-driven platform that could be used by banks and financial institutions of all shapes and sizes to build safer businesses, comply with regulations, and achieve superior financial performance.
RZOLUT offers a comprehensive global data platform, the “RZOLUT ContentStream,” on top of which resides its suite of products that track the entire customer lifecycle. RZOLUT Screening, RZOLUT Diligence, and RZOLUT Monitor platforms enable clients to track their counterparties, whether they be customers, vendors, or partners, at the point of onboarding as well as on an ongoing basis. The company boasts over 10 billion data points from across 225 jurisdictions in 120 languages, covering several tens of millions of entities. It is because of this unprecedented scale and depth of data that RZOLUT has succeeded in serving customers better than anyone else in the market.
How are RZOLUT’s services making a difference?
The banking and financial services industry around the world is facing a tsunami of money laundering, fraud, and related issues. According to the UN, tax evasion globally is around $2 trillion. Anywhere between 2% and 5% of global GDP is laundered. Most banks report several million hacking attempts every single day. The challenges are thus severe, ongoing, and increasing in intensity.
Further, regulators are raising the bar with ever more complicated rules to be complied with. The industry thus needs sophisticated and modern tools to fight crime, keep bad actors out of their ecosystems, and comply with regulations. More than $200 billion is spent in this domain every year, with spending growing in high single digits. The scenario is thus fertile for a leading global player such as RZOLUT.
Whether it is automated code generators, intelligent data processing, or AI-driven content summarization tools, RZOLUT is already leveraging the latest emerging technology and automated tools to drive immediate efficiencies as well as enable entirely new products and services.
The RZOLUT Platforms
From Singapore to Dubai and from London to New York, RZOLUT is working relentlessly to help customers build safer and more competitive businesses that deliver superior financial results. Here is an overview of the services:
- RZOLUT ContentStream (RCS) houses the proprietary data sets developed and maintained by RZOLUT. Deploying cutting-edge machine learning and AI technology, RCS houses structured and unstructured data that has been made “smart” through extensive AI and ML-led interventions. RCS is specially designed to enable customers to meet risk management and compliance requirements in the fastest and most cost-effective way possible. Data sets include 2 million+ profiles of Politically Exposed Persons (PEP), 4 million+ profiles of entities and people on various law enforcement and regulatory watchlists, and the world’s deepest and largest adverse media platform, among others.
- RZOLUT Screening is an end-to-end, fully automated name-screening platform that customers leverage to rapidly screen individuals or entities for sanctions, watchlists, and PEP exposure.
- Where deeper Due Diligence is required, RZOLUT’s Diligence Platform and associated services offer various depths and types of report formats to suit every need. This ensures the delivery of fully disambiguated reports to global customers.
- RZOLUT Monitor is designed to allow customers to set up regular monitoring of their subjects, whether on an intertemporal basis or event-based. Hence, counterparties, whether suppliers, partners, or customers, can be tracked, and business and reputation risks are appropriately managed.
Markets & Customer Success
Surpassing the Odds with Resolute Commitment
For RZOLUT, the initial challenges were somewhat different from those of most startups. As the journey started with a vision of building world-class, global fintech data platforms, heavy upfront investment was required. The founder and the founding team have committed everything to get the platforms ready, investing more than a million dollars of their capital.
The second challenge was to get investors to understand the subtle but important differences between a data business and a regular SaaS business. While there are many similarities, it is the differences, such as the length and monetary value of typical contracts, the need to employ armies of people to collate and maintain datasets, and the long sales cycles characteristic of the business, that challenged the conventional thinking of many outside investors.
Other than this, the usual challenges associated with all startups, such as brand building, talent attraction, and management, among others, were also prominent hurdles in the way.
As the company slowly cemented its position by successfully serving global customers across Asia, Europe, and North America, the challenges were overcome, and the focus shifted to creating a resilient scale-up architecture.
The Vision for Years to Come
RZOLUT is scaling up organically through a direct sales structure and an array of partnerships with other data providers, software companies, and advisors in the industry. The team is proud of the fact that current customers have referred RZOLUT to other organizations.
This mix of direct, partnership, and referral-led growth will also form the template for growth in 2024–25. The company is also actively seeking acquisitions to scale its North American operations with a bigger footprint, new capabilities, and more data assets. Through 2024 and beyond, every member of Team RZOLUT is working relentlessly to realize this vision and build a global leader in the data industry, a first for India.
Achieving Remarkable Consumer Satisfaction Numbers
To serve customers with more value than they expect is in RZOLUT’s DNA. This is imbibed in its corporate culture, internal processes, and every activity that the team performs daily. This philosophy is upheld by the hard work done to gain certifications such as ISO 27001. These certifications give customers comfort, reassuring them of the security of RZOLUT’s data platforms and technology solutions. Finally, the team has also implemented automation wherever possible to eliminate human error and time lags. Together, all of the above serve to drive customer delight while maintaining an efficient, low-cost base.
“Our customers value our integrity and honesty more than anything else. This, along with our customer-first mindset, manifests in a partnering approach that has enabled us to build significant relationships with customers all around the world. We work hard to inculcate integrity into the company’s culture and, conversely, have a zero-tolerance policy for ethical violations. Our customers have told us repeatedly that this is something they value greatly,” says Mr. Sarabjeet Singh.
Words of Intellect for Budding Entrepreneurs
We were delighted to interact with an eminent business personality like Mr. Sarabjeet Singh. To conclude the draft, we requested the dignitary to quote a few enlightening words for our readership panel, which he shared:
“Follow your passion and build a career in a field that excites and inspires you. It is okay to take your time to find your groove; don’t be in too much of a hurry. Also, while it’s fashionable these days, entrepreneurship is not for everyone. It’s perfectly fine to build an honest and successful career in reputed companies and live a happy and fulfilling life!”
