Regtech Platform, Trunarrative Appointed by Suffolk Building Society to Digitalise Mortgage Customer Onboarding and Prevent Financial Crime

  • RegTech
  • 08.02.2022 10:30 am

TruNarrative, a regtech platform in the financial crime and compliance sector  and part of LexisNexis® Risk Solutions, has been appointed by Suffolk Building Society to enhance its  financial crime and fraud prevention processes and digitalise its customer onboarding. With  TruNarrative’s real-time financial crime decisioning and risk rating, the mutual will significantly  improve the efficiency and speed of onboarding new mortgage customers. 

The Society will be able to access the TruNarrative platform to verify a customer’s identity,  documents, selfie and liveness, as well as screen for politically exposed persons (PEPs), sanctions and  adverse media status. This will provide the Society’s underwriters with the information needed to  assess new mortgage applications, without needing any additional integrations or resources. 

Through TruNarrative, Suffolk Building Society will be able to perform enhanced fraud detection  checks using the Cifas national fraud database and can report fraud directly back to Cifas from within  the TruNarrative interface, supporting the Cifas community and collectively helping to prevent fraud. 

Commenting on future-proofing the Society’s ability to manage risk, Ian Brighton, Chief Operating  Officer, Suffolk Building Society said, “TruNarrative’s platform is a real game-changer for the  Society. Not only will it digitalise and therefore streamline our approach to onboarding, meaning  direct mortgage applicants and mortgage intermediaries will benefit from faster response times, it  also enables us to take control of our own strategy. By allowing us to react to fraud and market  trends and tweak our criteria as appropriate, we are not only mitigating our risk today but have the  means to do so in the future too.” 

Edward Vaughan, Head of Banking at TruNarrative said, “It’s fantastic to be working with such a  forward-thinking and digitally-focused building society in the midst of their digital transformation.  We are eager to support the future success and growth of the Society by helping them deliver a  best-in-class customer experience for their customers.” 

Founded in 1849, Suffolk Building Society was previously known as Ipswich Building Society.  Following a vote for by its members, Suffolk Building Society changed its name in November 2021 to  both connect to a broader community while marking its commitment to the county it has historically  served.  

TruNarrative appointed to manage risk at leading challenger banks and FinTechs  TruNarrative is a trusted part of many financial service businesses’ compliance, risk and financial crime  prevention strategies, with many leading challenger banks, FinTechs and payment services firms  choosing TruNarrative’s technology to reduce risk, and safely and compliantly onboard their  customers.

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