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

A-Team Insight Blogs

Ikano Bank Places TruNarrative Platform at Centre of Fraud Prevention Strategy

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.

Related content

WEBINAR

Recorded Webinar: Getting ready for Sustainable Finance Disclosure Regulation (SFDR) and ESG – what action should asset managers be taking now?

Interest in Environmental, Social and Governance (ESG) investment has exploded in recent years, bringing with it regulation and a requirement for buy-side firms to develop ESG strategies and meet disclosure obligations. The sell-side can help here by integrating ESG data with traditional financial information, although the compliance burden remains with asset managers. The EU Sustainable...

BLOG

How to Manage Dual Sanctions Compliance Post Brexit Addition of UK Regime to EU Regulation

Brexit created a number of regulatory compliance challenges for financial institutions in the UK, not least a change to sanctions regulation that is set out in the Sanctions and Anti-Money Laundering Act 2018, and is fundamentally different to EU sanctions regulation. If your organisation falls within scope of the new UK sanctions regime or both...

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

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...