The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

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

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.”

Related content

WEBINAR

Upcoming Webinar: FINRA CAT CAIS: What to Expect – Giving Regulators Full Access to Your Customer & Account Data

Date: 3 November 2021 Time: 11:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Join n-Tier and a panel of industry experts to discuss implications of the SEC’s Consolidated Audit Trail (CAT) Customer & Account Information System (CAIS) Phase 2e. The initial phase of CAIS was the start of a new era for...

BLOG

ION Acquires Clarus to Offer Solutions for UMR, Broader Derivatives Analytics

Trading solutions vendor ION Markets has acquired derivatives analytics specialist Clarus Financial Technology, in part to help clients to comply with the new Uncleared Margin Rules (UMR) regulation for OTC derivatives. The acquisition – for an undisclosed sum – of the provider of SaaS-delivered analytics, data and research will also broaden ION’s capabilities in the...

EVENT

RegTech Summit London

Now in its 6th year, the RegTech Summit in London explores how the European financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

ESG Handbook 2021

A-Team Group’s ESG Handbook 2021 is a ‘must read’ for all capital markets participants, data vendors and solutions providers involved in Environmental, Social and Governance (ESG) investing and product development. It includes extensive coverage of all elements of ESG, from an initial definition and why ESG is important, to existing and emerging regulations, data challenges...