Global RegTech company TruNarrative has unveiled a new partnership with AccountScore, to integrate open banking connectors into its platform.
The collaboration enables risk and compliance teams to integrate affordability scores to aid onboarding and monitoring of customers.
Adam Doyle, Head of Gaming TruNarrative commented: “This is a relationship that I am truly excited about. As regulatory requirements shift increasingly towards the inclusion of affordability scoring, this partnership provides businesses with the much needed ability to monitor and protect customers throughout their entire lifecycle, whilst minimising impact on the customer experience.
“Importantly, in this unprecedented global situation, ensuring players aren’t stretching themselves in testing times is essential for continuing to provide a safe environment for users of online services.”
It comes as the COVID-19 global health pandemic continues to change the current regulatory climate, the importance of instant access to valuable data, and importantly, the ability to make quick changes to onboarding and monitoring processes continues to grow.
Emma Steeley, CEO of AccountScore added: “We are proud to be joining forces with TruNarrative in order to enable them to deliver cutting-edge Open Banking solutions to their clients. From income verification and affordability, to source of funds and identity verification, our partnership delivers a solution that provides multiple sectors the opportunity to take full advantage of the UK’s Open Banking framework coupled with our market leading analytics.”
The TruNarrative platform delivers financial crime detection, customer onboarding and transaction monitoring to financial services, e-commerce businesses and gambling operators. Using its unique customisable decision engine and its App Store of over 50 third-party data providers and service integrations, the unified platform sits at the heart of many business’ customer acquisition, monitoring and compliance strategies.
John Lord also stated: “The partnership with AccountScore means we can deliver open banking data to our customers, further enriching their ability to make decisions, mitigating risk to business and reducing customer friction.”
AccountScore currently provides its Open Banking APIs and platform to financial services companies, tenant reference agencies and telecommunications companies, allowing the firms to verify information such as customer salary amount, affordability and identity, a process that has historically involved the submission of paper documents and manual validity checks.
