Advantage Finance Limited, a specialist supplier of automotive finance facilities, has chosen to work with TruNarrative, a provider of financial crime prevention services.
The initial implementation will see Advantage use the TruNarrative platform to improve the way in which they access and use the Cifas national fraud database, to target more effectively the way this data is used to reduce the fraud risk and improve customer journey for good customers.
Advantage Finance delivers direct to customer lending solutions and works with an extensive broker network. For the last 18 years Advantage Finance have been providing lending solutions to a market sector that has been forgotten by some of the larger lenders.
TruNarrative have built a Financial Crime Management platform with Lenders like Advantage Finance in mind. TruNarrative has successfully enabled a new kind of direct integration to the Cifas, along with a full referral management system. This allows Advantage Finance to match their application data against the Cifas National Fraud database using bespoke rule sets, instantly review the matching output and where required, automatically file fraud cases back to the Cifas National Fraud database. This all happens from within the TruNarrative platform.
The Partnership enables Advantage Finance to build customisable rules to fit their risk profile, by utilising ongoing reporting and from TruNarrative and to review and update underperforming rules. Our partnership also allows Advantage Finance to be more efficient in reviewing and filing Cifas cases via the TruNarrative workflow and case management.
TruNarrative is continuing to work closely with the risk and fraud team to help ensure that the Cifas strategy implemented meets Advantage Finances key goals of lower false positives and where possible, improve risk detection.
TruNarrative is proud to facilitate Advantage in providing its customers and broker network with a secure low friction onboarding experience, whilst ensuring they can reliably reduce fraud exposure.
John Lord, CEO of TruNarrative:
“Advantage are a staple of the UK automotive finance landscape, we are pleased to be working with them and to have formed a relationship that will allow Advantage to reallocate resources from processing and into growth”
Advantage Finance Director of Credit Risk Alan Tuplin:
“From the very start TruNarrative have been great to work with and are a breath of fresh air in the 3rd party fraud detection and analysis arena. We were looking for a modern and agile partner that could deliver timely results to reduce our false positive fraud alerts, whilst at the same time giving control, together with meaningful MI. TruNarrative offer that flexibility within their product to tailor it to individual company requirements whatever the size of the company. That ease of fine tuning simply didn’t exist prior to their arrival”
TruNarrative was founded in 2016 with a single mission: to make safe commerce simpler. With a head office in Leeds, TruNarrative also has offices in London, New York and Singapore
TruNarrative aims to transform the fraud, identity, KYC and AML process by continually providing products built on state-of-the-art technology, bringing the best of data science to ambitious companies of all sizes.
TruNarrative has also established partnerships with Cifas, CreditSafe, Comply Advantage, Equifax and HelloSoda, and features some 25 third-party apps in the TruNarrative App Store which can all be configured through the platform.
TruNarrative – exactly who, what and when.
About Advantage Finance
Advantage are a leading supplier of specialist finance facilities, via motor dealers throughout the UK, which facilitate the purchase of new and used cars, vans, motorbikes and caravans. Their individual approach ensures that they can often help in cases where others can’t. Their finance products allow motor dealers throughout the UK to provide credit facilities to many customers who may otherwise be unable to get the finance arranged.
Since their inception in 1999, Advantage has delivered year on year growth in both volume and profit to its parent company S & U plc and supplied finance to over 130,000 customers via their broker and direct dealer relationships.