Thought Machine, the cloud native core banking technology firm, today announced it has teamed up with RegTech leader TruNarrative to provide Atom bank groundbreaking financial crime prevention and core banking capabilities. This partnership has enabled Atom to use the TruNarrative platform to conduct a full suite of real-time AML transactional monitoring processes built on top of truly cloud native technology.

The TruNarrative platform is currently used by a wide range of regulated entities which includes banks, lenders, eCommerce and payment services. They deliver open API access to their automated decision engine, risk scoring, behavioural models combined with full case and referral management alongside and over 50 third party verification data sources.

Thought Machine started working with Atom bank in late 2018. Deploying their core banking product, Vault, into Atom’s stack. Vault’s innovative architecture is built to run any type of bank no matter the size or complexity and comes with a range of standard retail banking products as well as build-your-own tools. Their banking products include current/checking accounts, savings, loans, credit cards and mortgages. Their customers also include Lloyds Bank, SEB and Standard Chartered.

TruNarrative’s advanced decision engine, fed with real-time, granular data from Thought Machine’s corebanking engine enables banks to stay ahead of the ever-changing regulatory landscape for onboarding and ongoing transactional risk management.

This partnership will continue to deliver a new level of agility to banks, allowing for the constant evolution of their product life cycle while enabling accurate automated decisioning for a frictionless customer journey.

Previously, banks would need 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.

By delivering a complete solution like TruNarrative, Thought Machine customers can benefit from the latest in RegTech innovation, reduced development time and increased speed to market.

Both TruNarrative and Thought Machine are recognised as leading innovators within the banking and technology sectors. Both organisations focus on technology and ease of configuration, delivering transformational projects to their customers.

“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,” said Edward Vaughan, Head of Banking, TruNarrative.

Integrating the TruNarrative technology into the Thought Machine’s cloud-based platform means that customers have access to ID verification software, account and transaction monitoring, so that accounts stay secure and firms maintain compliance. Through this strategic partnership, banks will have the ability to innovate their scope of products and offerings for their customers.

“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,” said Steve Hoy, Director of Partnerships, Thought Machine.