Open banking data provider AccountScore and Risk and Financial crime platform TruNarrative join forces to deliver affordability data into firms onboarding and monitoring strategies
TruNarrative, the global RegTech company has announced a new partnership with AccountScore, to integrate Open Banking connectors into the TruNarrative platform. Enabling Risk & Compliance teams to integrate affordability scores to aid onboarding and monitoring of customers.
The TruNarrative platform delivers financial crime detection, customer onboarding and transaction monitoring to Financial services, e-commerce businesses and gambling operators. Using their unique customisable decision engine and their App Store of over 50 third-party data providers and service integrations, their unified platform sits at the heart of many business’ customer acquisition, monitoring and compliance strategies.
AccountScore currently provides their Open Banking APIs and platform to Financial Services companies, tenant reference agencies and telecommunications companies, allowing them to verify information such as Customer Salary Amount, Affordability and Identity, a process that has historically involved the submission of paper documents and manual validity checks.
Importantly, AccountScore also provide a consumer facing portal allowing individuals to maintain control of the information they share with organisations.
Open Banking data is permissioned access to consumer or business banking data for the purposes of risk assessment, compliance and fraud detection. This helps regulated businesses such as lenders or gaming operators comply with their obligations for onboarding and transacting with their customers.
The partnership means TruNarrative customers have access to the information they need to make affordability decisions, in real time via the TruNarrative API.
Checking against Open Banking data can mean the difference between over extending a loan or allowing credit correctly to the underbanked. Affordability scores are also a key requirement enforced by the UK Gambling commission onto gaming companies to ensure a duty of care to their customers.
AccountScore’s Open Banking data will sit within TruNarrative’s AI driven platform and allow enrichment through the various third-party verification data sources in the TruNarrative App Store, providing firms with a more complete customer view facilitating both automated and manual decisions.
The TruNarrative decisioning and workflow platform allows granular-level decisioning across Credit Reference Agency, biometric, address, document verification and now Open Banking data.
Constantly changing regulatory environments and market conditions, such as those imposed by the current COVID-19 emergency, mean businesses need instant access to valuable data, and importantly, the ability to make quick changes to onboarding and monitoring processes.
Using AccountScore’s Open Banking data through TruNarrative will facilitate a low-friction journey for the customer, increased visibility and reduced operational cost for organisations.
“This is a relationship that I am truly excited about. As regulatory requirements shift increasingly towards the inclusion of affordability scoring, this partnership provides businesses with the much needed ability to monitor and protect customers throughout their entire lifecycle, whilst minimising impact on the customer experience. And importantly, in this unprecedented global situation, ensuring players aren’t stretching themselves in testing times is essential for continuing to provide a safe environment for users of online services. ” Adam Doyle, Head of Gaming at TruNarrative
“We are proud to be joining forces with TruNarrative in order to enable them to deliver cutting-edge Open Banking solutions to their clients. From income verification and affordability, to source of funds and identity verification, our partnership delivers a solution that provides multiple sectors the opportunity to take full advantage of the UK’s Open Banking framework coupled with our market leading analytics.” Emma Steeley, CEO of AccountScore
“ The partnership with AccountScore means we can deliver Open Banking data to our customers, further enriching their ability to make decisions, mitigating risk to business and reducing customer friction” John Lord CEO and Founder of TruNarrative
AccountScore Limited (AccountScore) is a highly innovative global data and analytics business that provides actionable insights and analytics on bank transaction data for clients. Providing reliable, accurate and easy to understand transaction data analytics on data either sourced through consents.online (AccountScore’s AISP) or directly imported. AccountScore’s subsidiary Consents Online Limited (consents.online) is a registered Account Information Service Provider (“AISP”) which provides branded Open Banking as a Service (“OBaaS®”) and has access to APIs from banks to collect transaction data and provides the consumer with a portal to give them control over viewing and managing their consents.