Ikano Bank has procured fraud prevention technology services from UK based RegTech firm, TruNarrative.
The decision is part of Ikano’s digital transformation programme and will see the TruNarrative platform integrated with Ikano’s new technology architecture to facilitate their Europe wide fraud prevention strategy.
TruNarrative Banking Fraud Market
Founded by the family behind global retailer IKEA, Ikano Bank offers simple and fair banking and financing. They offer both direct to consumer products; credit cards, loans and savings accounts, along with extensive facilities to business including; private label cards, sales finance, leasing and factoring.
TruNarrative delivers their RegTech solution across Europe and North America. The technology is accessed via a single API and is currently enabling businesses across banking, lending, ecommerce & payment services to streamline and automate processes.
The TruNarrative platform is trusted to deliver a range of capabilities across customer onboarding and transactional risk, including; financial crime prevention, money laundering detection, identity and biometric verification, multi bureau KYC (know your customer), KYB (know your business), PEPs (politically exposed persons) & Sanctions and anomaly detection.
Ikano Bank went to market for a solution or solutions to facilitate their Global financial crime prevention strategy and support the wider digital transformation of the Bank.
They required a scalable onboarding solution with the ability to; rapidly react to changes in fraud trends, deliver a low friction customer experience and seamlessly integrate with their new banking technology.
The TruNarrative solution will bring together the financial crime strategies for multiple jurisdictions with central visibility and reporting. Enabling Ikano Bank to quickly expand into new markets, detect & prevent fraudulent applications, deliver robust risk scoring and intuitive case management.
TruNarrative will support the real-time low friction experience their customers expect and facilitate their Global customer acquisition strategy whilst ensuring the highest level of financial crime prevention.
The TruNarrative platform will integrate with Ikano Bank’s tech stack, including their core architecture, front end website and native Apps. The partnership means Ikano Bank can make manual and automated decisions within a single platform, enabling; localised approaches for each region.
“We are delighted to be supporting Ikano Bank’s digital transformation programme with the delivery of our global fraud and financial crime platform. We look forward to being at the heart of their financial crime risk management processes as the bank continues to develop new innovative products and scale into established and new markets.”
Edward Vaughan, Head of Banking at TruNarrative
“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.”
Michael Southgate, Global Head of AML and Fraud