Swedish bank Ikano Bank will deploy fraud prevention technology from UK-based TruNarrative, as part of a wider digital transformation programme. The implementation will involve integration of the TruNarrative client onboarding and fraud detection platform with Ikano’s new technology architecture to facilitate the bank’s Europe-wide fraud prevention strategy.
The TruNarrative platform is accessed via a single API and provides 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), KYV (know your vendor), PEPs (politically exposed persons) and sanctions, and anomaly detection.
Founded by the family behind IKEA, Ikano Bank aims to provide banking and finance with simple and fair ethos, to both corporate and retail clients. The bank was seeking scalable onboarding solution with the ability to rapidly react to changes in fraud trends, deliver a low friction customer experience and seamlessly integrate with its new banking technology infrastructure.
According to Michael Southgate, Global Head of AML and Fraud at Ikano Bank, “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.”
The TruNarrative solution will provide a single point of reference for the bank’s financial crime strategies across multiple jurisdictions with central visibility and reporting. This will help Ikano Bank to quickly expand into new markets, detect and prevent fraudulent applications, and deliver robust risk scoring and intuitive case management.
The TruNarrative platform will be integrate with Ikano Bank’s technology stack, including its 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.
Founded in 2016, TruNarrative’s intuitive no-code platform transforms fraud management, reduces risk, and streamlines KYC and AML processes. TruNarrative’s partnerships with major credit reporting agencies, document and biometric verification services, device intelligence suppliers, and dozens of other market-leading data service providers offer configurable integrations to business and non-technical users.