Atom bank partners with TruNarrative to bolster AML capabilities

TruNarrative has partnered with UK-based Atom bank to help the firm with its AML transaction monitoring and financial crime customer screening and monitoring.

Atom chose to partner with TruNarrative based on a desire to find a real-time AML transaction monitoring and a financial crime customer screening solution which could also support future products and protect from emerging risks in the market.

Some of the key priorities Atom wanted in a solution included a singular platform to remove data silos, a real-time product, both in decisions and the ability to make changes, a solution which would lower and manage false positives, and something which was scalable.

The challenger bank offers fixed saver accounts, business loans for SMEs and residential mortgages. Referring to regulator changes, digitalisation and evolving criminal threats, the financial institution stated it needs to evolve their fraud capabilities and be proactive in adopting technology solutions.

Atom bank head of financial crime Helen Hassen said, “In selecting a partner for financial crime prevention there were three key focus areas: innovation, configurability and capability. TruNarrative demonstrated a passion for innovative financial crime prevention methods and are clearly driven by challenging legacy systems and issues in the industry.

“They provide excellent levels of configurability and flexibility in their platform, allowing Atom to respond quickly to AML/CTF threats in a controlled way. It is clear that TruNarrative have already established a track record of improving financial crime prevention capabilities in their platform and their collaborative approach will add real value to our solution “

TruNarrative is a RegTech solution which supplies financial institutions with tools for identity verification, fraud detection, eKYC, risk assessment, AML compliance and account monitoring. Its goal is to streamline onboarding processes, ease transactions and improve compliance insights.

The AML solution uses machine learning technology to automate analytics and establish a risk-based approach in order to uncover fraudulent attempts. Leveraging full pattern analysis means TruNarrative can uncover suspicious transactions in real-time and manage them through its review and case management process.

Last year, business information, analytics and insights platform Graydon formed a partnership with TruNarrative to establish a corporate anti-fraud solution for businesses. The combined Graydon Detect and TruNarrative data service creates a tool for exposing preventing, and combatting fraud, backed by real-time insights.

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