Ikano Bank, a Swedish lender, has tapped British regtech TruNarrative to provide fraud prevention services.
Under the arrangement, the TruNarrative platform will be integrated with the new technology architecture of the bank. The aim is to support its fraud prevention strategy across Europe.
The platform will integrate with the bank’s core architecture, front end website and native apps.
This is said to help the bank make manual and automated decisions within one platform, with localised approaches for each region.
TruNarrative’s platform supports financial crime prevention, money laundering detection, multi bureau KYC (know your customer), and KYB (know your business).
At the same time, it enables identity and biometric verification, Sanctions and anomaly detection, as well as flags PEPs (politically exposed persons).
Its technology can be accessed through a single API.
Ikano Bank global head of AML and Fraud Michael Southgate said: “Working together with TruNarrative is helping Ikano Bank to accelerate our global digital transformation, whilst ensuring the highest levels of financial crime risk management and enables us the flexibility to quickly respond to new and emerging threats within a single technology platform.”
The move forms part of the bank’s digital transformation drive. The bank’s specific requirements were a scalable onboarding solution that can quickly react to changes in fraud trends.
It also wanted the solution to offer a low friction customer experience and seamlessly integrate with its new banking technology.
According to the supplier, its solution offers financial crime strategies for various jurisdictions with central visibility and reporting.
This is said to support the bank’s expansion into new geographies, detection and prevention of fraudulent applications. The TruNarrative platform will also provide strong risk scoring and intuitive case management, added the supplier.
This in turn, is said to support its global customer acquisition strategy.
Ikano Bank provides direct to consumer products such as credit cards, loans and savings accounts. It also offers facilities to business such as private label cards, sales finance, leasing and factoring.