About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Challenger Bank Allica Selects London Start-Up Sphonic for Financial Crime Compliance

Subscribe to our newsletter

Allica Bank, a digital challenger bank first launched in 2020 to focus on small businesses underserved by mainstream institutions, has selected a financial crime product suite from London-based Regtech firm Sphonic’s to support its compliance function.

Sphonic, first formed in 2012 with the creation of its core product Workflow Manager (WFM), acts as a Data Orchestration Platform, leveraging data insights from over 85 global risk management services through an intelligent workflow engine. In addition to removing the complexity of multiple integrations, the platform leverages data from vendor calls in a workflow designed to improve the customer onboarding journey, eradicate risk and drive approval rates.

For Allica, Sphonic will provide real-time KYB (Know Your Business) and KYC services via a single API. Allica will also launch Sphonic’s AML Transactional Monitoring System to profile illicit activity across the bank’s various products, which it will be able to review through real-time actionable insights via Sphonic’s Case Management tool.

Andy Lee, Founder of Sphonic, says, “Supporting Allica with our broad suite of financial crime products, including our newly launched AML transactional monitoring solution, will provide a long-term future-proofed technology stack that will scale as they will inevitably do. Sphonic has been regularly supporting the Fintech and Challenger Banking community with our innovative product suite for which our technology has seen renewed interest throughout the Covid 19 pandemic.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Are Your Legacy Voice Recordings a Compliance Time Bomb?

Recent enforcement actions underscore the importance of maintaining accurate, secure and up-to-date voice and electronic communication. For some organisations, legacy voice recording systems are not at or beyond end-of-life, posing significant compliance, operational and financial risks. These outdated systems often fail to meet evolving regulatory expectations around data authenticity, retention, and accessibility. Delaying action increases...

BLOG

From e-Comms to AI Validation: Key Findings from ACA’s IMCT Survey 2025

Artificial intelligence has risen to the top of compliance priorities according to the 2025 Investment Management Compliance Testing (IMCT) Survey by the Investment Advisor Association (IAA), ACA Group and Yuter Compliance Consulting. Based on responses from 577 adviser firms, AI usage ranks as the year’s “hottest” topic (57%), ahead of AML readiness (41%) and cybersecurity...

EVENT

RegTech Summit London

Now in its 9th year, the RegTech Summit in London will bring together the RegTech ecosystem to explore how the European capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Regulatory Data Handbook 2025 – Thirteenth Edition

Welcome to the thirteenth edition of A-Team Group’s Regulatory Data Handbook, a unique and practical guide to capital markets regulation, regulatory change, and the data and data management requirements of compliance across Europe, the UK, US and Asia-Pacific. This year’s edition lands at a moment of accelerating regulatory divergence and intensifying data focused supervision. Inside,...