Thought Machine, the cloud-native core banking technology firm, has partnered with RegTech leader TruNarrative to provide Atom bank with groundbreaking financial crime prevention and core banking capabilities, including a full suite of real-time AML transactional monitoring processes.
TruNarrative’s intuitive no-code platform transforms fraud management, reduces risk, and streamlines KYC and AML processes, and complements its services by partnering with major credit reporting agencies, document and biometric verification services, device intelligence suppliers, and dozens of other market-leading data service providers. The firm founded in 2016 assists companies across the banking, lending, financial services, betting, payments, and eCommerce industries.
TruNarrative has now partnered with Thought Machine, which started working with Atom bank in late 2018 by deploying their core banking product, Vault, into Atom’s stack. Vault comes with a range of standard retail banking products as well as build-your-own tools. Thought Machine’s portfolio of clients includes Lloyds Bank, SEB, and Standard Chartered.
TruNarrative’s advanced decision engine, fed with real-time, granular data from Thought Machine’s core-banking engine enables banks to stay ahead of the ever-changing regulatory landscape for onboarding and ongoing transactional risk management. The integration will allow Thought Machine’s cloud-based platform to have access to ID verification software, account and transaction monitoring, so that accounts stay secure and firms maintain compliance.
By delivering a complete solution like TruNarrative, Thought Machine customers will no longer have to design and build their initial customer onboarding and transactional systems in house, requiring bespoke development to incorporate multiple third-party data sources such as, PEPs and Sanctions and biometrics.
Edward Vaughan, Head of Banking at TruNarrative, said: “There is a strong cultural and thought leadership alignment between our two companies having already delivered a successful project for a leading UK challenger bank.
“There is a strong cultural and thought leadership alignment between our two companies having already delivered a successful project for a leading UK challenger bank. In leveraging a best in class compliance solution, alongside a modern cloud-native core banking platform will enable a frictionless and compliant journey for end customers. We’re committed to delivering a high-quality service to our customers in the banking sector and ultimately, their end-users. The partnership demonstrates our commitment to work with the latest banking technology in the UK and USA”, Vaughan added.
Steve Hoy, Director of Partnerships, Thought Machine, said: “TruNarrative’s deployment in Atom’s stack provides a great use case of how Vault enables banks to seamlessly integrate with and take full advantage of the functionalities offered by leading solution-providers in the financial technology ecosystem.”