British regtech TruNarrative has partnered with ieDigital to provide customer onboarding and monitoring technology to banks and mutual societies.

The collaboration seeks to enable the financial institutions to reduce account opening time to less than four minutes.

As part of the partnership, ieDigital has integrated TruNarrative’s technology to enable clients access necessary tools required for customer onboarding.

Overall, the financial institutions will receive access to ID verification, eKYC, AML and account monitoring technology.

TruNarrative CEO John Lord said: “Our plan to transform how technology tackles financial crime compliance is well under way, and our partnership with ieDigital is a huge step in that journey.

“Together, we will provide standout fraud and verification tools that enable Interact customers to enhance every facet of compliant onboarding, with the peace of mind that the TruNarrative interface delivers.”

Founded in 1986, ieDigital focuses on providing digital banking solutions for financial services. It counts some of the leading financial institutions in the UK as its customers.

ieDigital CEO Jerry Young said: “With TruNarrative as a technology partner, we can reach new heights by offering the highest standards of innovation around ID verification, KYC and screening.

“Not only do we share a vision of a robust approach to enhancing multiple levels of security, we share a desire to create a frictionless digital world for customers.”

Earlier this year, Swedish lender Ikano Bank partnered with TruNarrative to combat fraud.