Leeds-based TruNarrative chosen to boost global currency specialist’s financial crime strategy .
London-headquartered global currency specialist Mercury FX has invested in cutting-edge platform from RegTech firm TruNarrative, to enhance its customer onboarding processes, regulatory compliance and financial crime prevention strategy.
As a regulated firm, Mercury FX is required to perform a multitude of Know Your Customer (KYC) checks on companies and individuals they work with. Being a global business, Mercury must be able to onboard and monitor customers from all over the world.
Needing to automate and organise these checks whilst maintaining compliance and delivering a low friction on boarding experience, Mercury went to market for a technology solution.
Using TruNarrative’s single Application Programming Interface (API) and portal, Mercury FX can adapt its onboarding processes without the need for further integrations or resources. This allows the firm to easily tweak its strategy inhouse to reduce false positives, while simultaneously improving risk decisioning, reporting and case management visibility.
The global currency organisation is also be able to maintain a central audit trail of all activity related to a client’s individual account – allowing Mercury FX to operate with maximum transparency.
“Mercury FX is a prime example of why we built TruNarrative – a truly global business with a broad requirement for bespoke customer-verification strategies.
We are pleased to deliver a solution that allows them to reduce the volume of manual compliance tasks, while also maintaining a low-friction customer experience.”
Mike Harriss – TruNarrative’s Head of Channels and Partnerships
“We’re passionate about challenging the dated and costly currency exchange services mainstream banks offer.
We provide an efficient and transparent alternative to both businesses and consumers, and in the TruNarrative platform, we’ve found a solution that aligns with and further strengthens this ethos.
Having all compliance, verification and financial crime detection in one place helps us to streamline our processes, and the no-code interface means that we can edit our financial crime strategy at any time, without a reliance on development resources.”
Alastair Constance, Founder, Director at Mercury FX
About Mercury FX
Mercury is an authorised electronic money institution (AEMI), headquartered in London with offices in Hong Kong, Cape Town and Johannesburg.
Offering e-accounts in 3 time zones with multi-lingual staff and access to over 40 currencies, they are an established currency specialist who invest in cutting edge technology.
As pioneers of blockchain payments but with a history in derivatives trading, they understand both the market and payments sectors well.
TruNarrative was founded in 2016 with a single mission: to make safe commerce simpler, with offices in London, Leeds UK, and Atlanta GA.
TruNarrative aims to transform the fraud, KYC and AML process by providing a product built on state-of-the-art technology. Delivering the best of data science to ambitious companies of all sizes.
TruNarrative has partnerships with major credit reporting agencies, document and biometric verification services, device intelligence suppliers, and dozens of other market-leading data service providers. These integrations can be easily configured by business users without any coding.
Book a meeting with Mike Harriss, Head of Channels to discuss how we can help your business, by filling out the form below