Paragon Bank Uses TruNarrative Tech to Assess Risk for Small Business Loans

Paragon Bank has deployed TruNarrative’s fraud prevention platform to facilitate the distribution of Bounce Back Loans to small and medium enterprises in the United Kingdom. Paragon is the 20^th financial institution to be approved as a provider for the country’s Bounce Bank Loans Scheme, which is helping British businesses weather the COVID-19 pandemic.

TruNarrative’s API is being used to supplement Paragon’s current onboarding technology. The solution assigns a risk score to potential customers, making it easier to determine whether or not it is safe to provide a loan for the business or the individual. In addition to risk profiling, the API offers biometric identity verification and money-laundering and fraud detection capabilities, and is expected to reduce the processing time needed for each loan.

The two companies were able to integrate TruNarrative’s cloud-based API into Paragon’s existing system in a matter of three weeks.

“We have demonstrated that financial crime change projects can be completed in a matter of weeks rather than months or years,” said TruNarrative Head of Banking Edward Vaughan. “The Financial Crime Team now can positively support the commercial aspirations of the Bank to deliver an exceptional and frictionless customer experience.”

“Paragon has had to react quickly to adapt our processes and IT systems to support our customers,” added Paragon Bank IT Director Warren Stevenson. “We needed to select a partner who could work with our internal team to deliver a robust solution to demanding timeframes. TruNarrative has proven it has the capabilities to do this and we will continue to work with them on future enhancements to support our customers.”

TruNarrative previously partnered with Jumio to enhance its identity verification offerings, making the latter’s selfie-based onboarding solution available to its customers through its own Appstore solutions portfolio. Earlier this year, TruNarrative also provided authentication and onboarding technology for ikigai’s wealth management platform.

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September 22, 2020 – by Eric Weiss