Recognise Bank taps TruNarrative for digital customer onboarding solution
Recognise Bank, a UK-based challenger bank for SMEs, has partnered with regtech TruNarrative to “transform” the onboarding process for the bank’s SME business lending customers.
Recognise Bank’s Mo Fadaei
The bank will deploy the RiskNarrative platform as it looks to speed up the onboarding of new customers by digitising a number of anti-money laundering (AML) and know your customer (KYC) processes via a single API.
This API will reduce the volume of manual compliance tasks for the bank and optimise its financial crime management, TruNarrative says.
Recognise says the digitisation of AML and KYC checks will “streamline the decisioning process”, adding its customer onboarding team will also be alerted to “anything that falls outside of the set parameters” for manual review.
Recognise Bank director of banking platform and partnerships Mo Fadaei says RiskNarrative acts “as a single source of information for credit checks, anti-money laundering checks and identity verification”.
“Using RiskNarrative has increased the speed of execution and decision-making, which of course means we can onboard more customers more quickly. For SMEs this ultimately leads to quicker lending decisions and faster access to the funding they need to help their businesses grow,” Fadaei adds.
Recognise Bank CEO Bryce Glover says the partnership will bring “speed and efficiency to the bank’s risk-checking processes”.
Last month, the challenger appointed Sahil Thapa as chief technology officer (CTO), who joined from Deutsche Bank.
In February, TruNarrative was tapped by another UK challenger – GB Bank – to provide customer onboarding and transactional risk compliance solutions.
