TruNarrative Partners with AccountScore to Bring Open Banking Data to its Clients

TruNarrative, the UK based Regtech Specialist has partnered with rival UK financial service provider AccountScore to bring its clients access to Open Banking data via its platform. This move is aimed at clients from banking, lending and gaming service providers and is expected to facilitate Risk and Compliance teams with affordability scores to aid onboarding process and monitoring of their clients in real time. The regtech specialist primarily deals in financial crime detection, customer onboarding and transaction monitoring services and focuses on client base made up of e-commerce business and gambling operators. However, the firm has been active in further strengthening its product portfolio and increasing its market share as evident from efforts of its partnership agreements in recent past. Most recently the firm partnered with Windows Book to bring its clients access to address matching engine via its platform.

AccountScore is a firm which provides access to Open Banking API and bank transaction data and analytical services. Its primary client base is made up of tenant reference agencies, telecommunication firms and several major financial service providers. The AccountScore platform provides its clients with ability to verify wide range of information such as Customer Salary Amount, Affordability and Identity. These are data which in the past were normally acquired via submission of paper documents and involved a lengthy and costly manual validation procedure. However, AccountScore’s API’s provide thiier clients with information in real time and also provides a consumer facing portal that allows the organization to control flow of various information which they share with different parties. Via data acquired from Open Banking API such as consumer/business banking data, the firms can perform risk assessment, compliance and fraud detection activities in very little time.

Given that these activities provide information in real time, the targeted clients such as lenders, banks and gaming service providers can now easily comply with their mandatory onboarding and transaction obligations for their customers as per regulatory norms. It also provides one major advantage which makes a huge difference in today’s market. Given that Open Banking API will be connected to TruNarrative Platform, users of this platform will now gain access to the regtech’s proprietary product solutions, data from open banking api and address matching engine and other key services made available via the firm’s partnership with various third parties. This allows TruNarrative platform clients to gain exact affordability score information – a key requirement enforced by UK Gambling commission to service providers. Not just gaming service providers but also banks and lenders can now use the granular level decision making process to identify the eligibility of a firm for extension of loan or if they are under banked and in need of immediate credit support  allowing improved success rate in their business.

Commenting on this partnership, Emma Steeley – CEO of AccountScore said, “We are proud to be joining forces with TruNarrative in order to enable them to deliver cutting-edge Open Banking solutions to their clients. From income verification and affordability, to source of funds and identity verification, our partnership delivers a solution that provides multiple sectors the opportunity to take full advantage of the UK’s Open Banking framework coupled with our market leading analytics”. Speaking on same note, John Lord – CEO of TruNarrative added, “The partnership with AccountScore means we can deliver Open Banking data to our customers, further enriching their ability to make decisions, mitigating risk to business and reducing customer friction”.