RegTech platform TruNarrative has been picked by Suffolk Building Society to improve the firm’s financial crime and fraud prevention processes, as well as digitise customer onboarding.
Suffolk Building Society hopes the real-time financial crime decisioning and risk rating solution will bolster its efficiency and speed when onboarding new mortgage customers.
It will leverage the technology to verify identity documents, selfie and liveness, as well as screen for politically exposed persons, sanctions and adverse media standings. Through this, its underwriters will be better placed to assess mortgage applications without additional resources.
The technology also supports enhanced fraud detection checks via the Cifas national fraud database and can report directly back to Cifas from within TruNarrative.
Suffolk Building Society chief operating officer Ian Brighton said, “TruNarrative’s Platform is a real game-changer for the Society. Not only will it digitalise and therefore streamline our approach to onboarding, meaning direct mortgage applicants and mortgage intermediaries will benefit from faster response times, it also enables us to take control of our own strategy.
“By allowing us to react to fraud and market trends and tweak our criteria as appropriate, we are not only mitigating our risk today but have the means to do so in the future too.”
Last year, LexisNexis Risk Solutions acquired TruNarrative and as part of the deal, TruNarrative became a part of LexisNexis’ Business Services group.
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