Ikano Bank selects TruNarrative to boost Europe-wide fraud prevention strategy

By Megha Bhattacharya

Ikano Bank, established by IKEA founders, has selected UK-based RegTech TruNarrative in a bid to integrate the latter’s platform with Ikano’s technology architecture to facilitate Europe wide fraud prevention strategy.

The TruNarrative solution is expected to bring together the financial crime strategies for multiple jurisdictions with central visibility and reporting. Ikano Bank will be able to expand into new markets, detect & prevent fraudulent applications, deliver risk scoring and intuitive case management.

“We are delighted to be supporting Ikano Bank’s digital transformation programme with the delivery of our global fraud and financial crime platform. We look forward to being at the heart of their financial crime risk management processes as the bank continues to develop new innovative products and scale into established and new markets,” said Edward Vaughan, Head of Banking at TruNarrative.

The TruNarrative platform will integrate with Ikano Bank’s tech stack, including their core architecture, front end website and native Apps.

“Working together with TruNarrative is helping Ikano Bank to accelerate our global digital transformation, whilst ensuring the highest levels of financial crime risk management and enables us the flexibility to quickly respond to new and emerging threats within a single technology platform,” said Michael Southgate, Global Head of AML and Fraud.

Recently, RegTech TruNarrative announced that Swedish banking platform Juni has selected its services for onboarding and compliance technology. TruNarrative will aim to offer successful onboarding and client monitoring services to Juni. The partnership is expected to deliver full access to the TruNarrative solution and its capabilities for; client onboarding, identity verification, Pep’s, sanctions, adverse media monitoring, and ongoing risk monitoring of individual and business customers.