Recognize Bank taps TruNarrative for digital customer onboarding solution

Recognize Bank, a UK-based SME challenger bank, has partnered with regtech TruNarrative to “transform” the onboarding process for the bank’s SME clients.

Recognize Bank’s Mo Fadaei

The bank will be rolling out the RiskNarrative platform as it seeks to accelerate new customer onboarding by digitizing a number of anti-money laundering (AML) and know-your-customer (KYC) processes through a single API.

This API will reduce the volume of manual compliance tasks for the bank and optimize its financial crime management, says TruNarrative.

Recognize says digitizing AML and KYC checks will “streamline the decision-making process”, adding that its customer onboarding team will also be alerted to “anything that does not meet defined parameters” for manual review.

Recognize Bank’s Director of Banking Platform and Partnerships, Mo Fadaei, says RiskNarrative acts “as a single source of information for credit checks, anti-money laundering checks and identity verification “.

“Using RiskNarrative has increased the speed of execution and decision-making, which of course means we can onboard more clients faster. For SMBs, this ultimately leads to faster loan decisions and faster access to the financing they need to help their business grow,” adds Fadaei.

Recognize Bank CEO Bryce Glover said the partnership will bring “speed and efficiency to the bank’s risk screening processes”.

Last month, the challenger appointed Sahil Thapa as chief technology officer (CTO), who joined Deutsche Bank.

In February, TruNarrative was tapped by another UK challenger – GB Bank – to provide customer onboarding and transactional risk compliance solutions.

Comments are closed.