TruNarrative, the global RegTech company has announced a new partnership with AccountScore, to integrate Open Banking connectors into the TruNarrative platform. Enabling Risk & Compliance teams to integrate affordability scores to aid onboarding and monitoring of customers.
The TruNarrative platform delivers financial crime detection, customer onboarding and transaction monitoring to Financial services, e-commerce businesses and gambling operators. Using their unique customizable decision engine and their App Store of over 50 third-party data providers and service integrations, their unified platform sits at the heart of many business’ customer acquisition, monitoring and compliance strategies.
AccountScore currently provides their Open Banking APIs and platform to financial services companies, tenant reference agencies and telecommunications companies, allowing them 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.
Importantly, AccountScore also provide a consumer facing portal allowing individuals to maintain control of the information they share with organisations.
Open Banking data is permissioned access to consumer or business banking data for the purposes of risk assessment, compliance and fraud detection. This helps regulated businesses such as lenders or gaming operators comply with their obligations for onboarding and transacting with their customers.
The partnership means TruNarrative customers have access to the information they need to help affordability decisions, in real time via the TruNarrative API.
Checking against Open Banking data can mean the difference between over extending a loan or allowing credit correctly to the underbanked. Affordability scores are also a key requirement enforced by the UK Gambling commission onto gaming companies to ensure a duty of care to their customers. `
AccountScore’s Open Banking data will sit within TruNarrative’s AI driven platform and allow enrichment through the various third-party verification data sources in the TruNarrative App Store, providing firms with a more complete customer view facilitating both automated and manual decisions.
The TruNarrative decisioning and workflow platform allows granular-level decisioning across Credit Reference Agency, biometric, address, document verification and now Open Banking data.
Constantly changing regulatory environments and market conditions, such as those imposed by the current COVID-19 emergency, mean businesses need instant access to valuable data, and importantly, the ability to make quick changes to onboarding and monitoring processes.
Using AccountScore’s Open Banking data through TruNarrative will facilitate a low-friction journey for the customer, increased visibility and reduced operational cost for organisations.