Borgun selects TruNarrative for Merchant Onboarding and Lifecycle Management
TruNarrative announce their latest partner, Borgun hf. an acquiring bank who offer payment processing across Europe and issuing in Iceland. Borgun hf. is formally recognised as one of Iceland’s strongest companies and has partnerships with leading card providers including Mastercard, Visa and AMEX – Reykjavik May 2019
This partnership means Borgun will use the TruNarrative platform for onboarding and merchant lifecycle management (MLM). Enabling them to more effectively bring new merchants into their payment network and adapt their compliance and risk process swiftly and securely to new markets and products. The decision reflects both parties’ commitment to providing a robust platform with high levels of innovation.
Borgun’s key project objective is to improve the MLM process by streamlining and automating merchant applications, to drastically shorten the time needed for onboarding. The solution will cover many aspects of financial crime strategy, including Risk Rating, CDD, EDD, Fraud prevention, merchant risk monitoring and off boarding. A core strength of TruNarrative is to bring all these processes and capabilities into a single environment and using a combination of customer data and third-party enrichment services.
Following a competitive tender process involving an array of FinTech’s, Traditional and Legacy platform providers, Borgun selected TruNarrative. The reasons Borgun selected to work with TruNarrative include:
- The ability to make immediate changes to strategy from within the platform without any reliance on IT or the supplier; leading to greater levels of agility and flexibility.
- This flexibility meant the system, through configuration would mould itself to Borgun complex requirements vs Borgun needing to compromise their process to suit the technology provider.
- The engagement was stated to be pro-active with the team at TruNarrative demonstrating both technical and subject matter expertise; they used innovation to demonstrate capability.
- The ability to be self-managed and autonomous with the platform drives lower cost of ownership.
- The breadth of existing 3rd party integrations and ability to quickly integrate new services enhanced the agile nature of the platform
John Lord, CEO at TruNarrative:
We are delighted Borgun chose TruNarrative to provide their Merchant Lifecycle Management system. With an objective to scale through safe automation Borgun are a fantastic fit for TruNarrative. We look forward to working with the project team to make this a successful project.
Sæmundur Sæmundsson, CEO at Borgun:
Borgun hf. is constantly looking for new ways to make our services more efficient while also insuring the security of our payment processing. Our use of TruNarrative’s platform for onboarding and merchant lifecycle management enables us to do exactly that, in addition to making sure that these key elements are in place in order to secure rapid business growth for our clients, which has always been Borgun’s main goal.
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Founded in 1980, Borgun hf. is an Icelandic acquiring bank operating in Iceland and the European payment processing market. Within Iceland, Borgun is also an issuing processor providing services to Islandsbanki, one of Iceland’s largest retail banks.
Borgun is a principal member of Visa Europe and Mastercard International and has licenses for exclusive agreements with JCB, Diners / Discover, Union Pay International and American Express. Borgun is a licensed financial institution and is regulated by the Financial Supervisory Authority in Iceland.
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