TruNarrative and kompany to Enable Swifter AML Compliance for Regulated Businesses Around the World
- RegTech , Compliance , AML and KYC
- 26.11.2020 04:48 pm
RegTech platform TruNarrative is partnering with kompany to add the Austrian RegTech’s comprehensive business verification and digital onboarding solutions to the TruNarrative App Store. The partnership will ensure TruNarrative’s diverse portfolio of clients can access kompany’s network of accurate and up-to-date company information.
TruNarrative is trusted by banks, financial services, FX, payments and e-commerce businesses for their financial crime detection, consumer and corporate onboarding, behavioural and transactional monitoring strategies. Accessed via a single API, TruNarrative’s decision engine can deliver risk scoring, behavioural models, along with full case and referral management.
kompany operates a global register network providing real-time access to commercial registers, financial and tax authorities covering over 110 million companies from more than 200 countries and jurisdictions.
TruNarrative’s partnership with the kompany data network means customers can seamlessly access entity information directly from the primary source, reducing manual KYB processes and enabling a low friction digital onboarding journey for new clients.
Andy Pearson, Head of Data Partnerships at TruNarrative, said: “kompany is an important App Store integration for us. Providing our clients with their comprehensive business verification within the TruNarrative SaaS platform. We look forward to providing our clients access to kompany’s network of real-time data and company filings.”
The partnership will also offer TruNarrative’s clients the ability to verify international bank account numbers (IBAN) and European VAT numbers using kompany’s extended service features. kompany services can help TruNarrative clients meet their regulatory requirements for anti-money-laundering and due diligence with increased ease and confidence.
Russell E. Perry, CEO and Co-founder at kompany, comments: “We estimate that only 5% of financial institutions today have automated their B2B or corporate banking onboarding and 75% still rely on google searches. Our clients typically realise a reduction of 50% in cost and 90% in time savings and can achieve full AML compliance from day one. We are delighted to support TruNarrative’s customers to stay competitive and compliant now and into the future.”