NatWest to automate compliance and intelligence checks with Synalogik
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NatWest announced a partnership today with a member of their Entrepreneur Accelerator programme, Synalogik. The collaboration will allow the bank to automate their compliance and intelligence checks through Synalogik’s software.
Synalogik will provide the bank with its ‘Scout’ platform, which will help NatWest provide FCA-compliant risk-scoring, Enhanced Due Diligence, monitoring, and reporting across their client base, thus protecting their personal and business customer base.
Daniel White, Co-Founder and Legal Director of Synalogik, said, “We are excited to partner with NatWest. It is evident that banks of all sizes are looking for new and affordable solutions to be able to remain both agile and compliant to service their clients and abide by legal frameworks concurrently. By utilising Synalogik’s innovative technology, Scout, we’re giving organisations the power and accuracy they need to radically improve efficiencies and quality of output.”
Formed in 2018, Synalogik automates intelligence and investigation processes. It aims to revolutionalise the way criminality, fraud & risk is identified, investigated, and detected, providing a financial and strategic advantage to our global client base. It joined the NatWest Bristol Accelerator hub in April 2019.
Gordon Merrylees, Head of Entrepreneurship at NatWest, said, “Synalogik are a fantastic example of a business that has come full circle, having benefitted from our programme’s three pillars of support for entrepreneurs – coaching, network, and community. Combined with the bank’s expertise and supply chain, we’re pleased to now have formally partnered with Synalogik as a supplier to the Group.”
Recently, NatWest announced the launch of its new online payment service, Payit by NatWest. The new payment option will enable customers to make instant online payments to retailers without the need for a debit or a credit card.
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