Swedish bank Ikano has chosen UK RegTech platform TruNarrative to provide digital onboarding and fraud risk management services for its company.
Founded by the family who established IKEA, Ikano provides direct to customer products such as loans and savings accounts and credit cards as well as business services such as sales finance, leasing, factoring and private label cards.
TruNarrative delivers a range of services across customer onboarding and transactional risk, including money laundering detection, identity and biometric verification, KYB, PEPs, anomaly detection and financial crime prevention.
The TruNarrative technology – delivered across Europe and North America – is accessed through a single API and is supporting banking, lending, payment services and e-commerce companies to automate and streamline services.
According to Ikano, the decision to tap TruNarrative is part of the former’s digital transformation program, with TruNarrative’s platform integrated within Ikano’s tech stack, including its native apps, front-end website and core architecture. Ikano remarked this will help the bank make manual and automated decision within a single platform, supporting the enablement of localised approaches.
The collaboration will also see the RegTech support Ikano’s Europe-wide fraud prevention strategy as well as its global financial crime prevention plan and wider digital transformation.
Furthermore, Ikano highlighted the TruNarrative solution will combine the financial crime strategies for various jurisdictions with central visibility and reporting – subsequently allowing Ikano to expand into new markets and detect and prevent fraudulent applications and deliver robust risk scoring.
TruNarrative head of banking Edward Vaughan said, “We are delighted to be supporting Ikano Bank’s digital transformation programme with the delivery of our global fraud and financial crime platform. We look forward to being at the heart of their financial crime risk management processes as the bank continues to develop new innovative products and scale into established and new markets.”
Ikano global head of AML and Fraud added, “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.”
Earlier this year, IKEA acquired a 49% stake in Ikano in what was the first foray into the banking space for the furniture and appliance retailer.
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