TruNarrative is providing fraud prevention and onboarding technology for ieDigital. The latter is a British RegTech firm based in Leeds that outfits financial institutions with the solutions they need to complete their digital transformations.
The partnership with TruNarrative will allow ieDigital to offer a more comprehensive set of services to its own clients in the financial sector. TruNarrative is best known for its onboarding technology, which uses facial recognition to verify the identities of new customers. The company also offers risk management services, and checks to make sure that a new user is not on any watchlists or otherwise associated with any suspicious activity.
ieDigital will be integrating that utility into its own Interact financial platform, which is offered to banks, building societies, and other institutions. The company’s clients will be able to use TruNarrative’s tech to build their own custom onboarding workflows so end users can open new accounts in as little as four minutes.
“With TruNarrative as a technology partner, we can offer the highest standards of innovation around ID verification, KYC and screening,” said ieDigital CEO Jerry Young. “We share a desire to create a frictionless digital world for customers.”
“Together, we will provide standout fraud and verification tools that enable Interact customers to enhance every facet of compliant onboarding, with the peace of mind that the TruNarrative interface delivers,” added TruNarrative CEO John Lord.
ieDigital is not the first RegTech provider to adopt TruNarrative’s onboarding technology, after Canny partnered with TruNarrative earlier this month. In the meantime, TruNarrative has provided onboarding services directly to banks and other financial institutions. Its current roster of clients includes more established players like Paragon Bank, in addition to challenger banks and start-ups like MoneeMint and Juni. It has also made in-roads in the gaming compliance sector through partnerships with the Holland Casino group and The Tote.
July 27, 2021 – by Eric Weiss