TruNarrative Provides Onboarding Services for Al Rayan Bank

Another financial institution is turning to TruNarrative for customer onboarding and risk screening. The company’s latest customer is Al Rayan Bank, which was founded in 2004 and remains the oldest and largest Islamic bank in the United Kingdom.

The TruNarrative partnership is in keeping with the bank’s broader digital transformation efforts. Al Rayan will integrate TruNarrative’s technology into its existing tech stack and its digital banking app to enable remote onboarding for businesses and individual customers. TruNarrative will also provide ongoing monitoring services to watch for potential signs of fraud.

On the onboarding front, the TruNarrative platform offers both face and document recognition. Each user’s personal information will be cross-referenced with various third-party databases to make sure that the data is accurate, and to ensure that the user is not facing any sanctions and is not on any lists of politically exposed persons. Facial recognition, meanwhile, will match a selfie to official ID to ensure that that person is indeed the true owner of the identity document.

TruNarrative will then assign a risk score to each transaction after the account has been opened. The company will watch for anomalous behavior that could point to the presence of a fraudster, which in turn will help prevent fraud and other forms of financial crime. The solution will help Al Rayan comply with Know Your Customer and Anti-Money Laundering requirements. Al Rayan will also benefit from TruNarrative’s centralized case management tools, and from its integration with the UK’s Cifas fraud database, which will speed up fraud investigations.

“[TruNarrative’s] technology means that we do not have to piece together this part of our tech stack from multiple different suppliers, giving us end to end onboarding and fin-crime in one place with full audit trail and reporting,” said Al Rayan COO Imran Pasha.

The deal builds on TruNarrative’s strong customer base in the UK. The company is already providing onboarding and fraud prevention services for the banking start-up MoneeMint, the gambling platform The Tote, and for the RegTech firm ieDigital.  

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October 22, 2021 – by Eric Weiss