TruNarrative and kompany partner to speed up AML compliance

By Megha Bhattacharya

RegTech TruNarrative is teaming up with German FinTech kompany for enabling faster anti-money laundering compliance for regulated businesses across the world. TruNarrative’s decisioning and orchestration solution will now include kompany’s global register network for AML compliance. The RegTech is partnering with kompany to add the latter’s business verification and digital onboarding solutions to the TruNarrative App Store.

“kompany is an important App Store integration for us. Providing our clients with their comprehensive business verification within the TruNarrative SaaS platform. We look forward to providing our clients access to kompany’s network of real-time data and company filings,” said Andy Pearson, Head of Data Partnerships at TruNarrative.

According to TruNarrative, the partnership will enable customers to access entity information directly from the primary source, reducing manual KYB processes and enabling a low friction digital onboarding journey for new clients. The clients will be given the ability to verify international bank account numbers (IBAN) and European VAT numbers using kompany’s extended service features.

Recently, core banking technology provider Thought Machine announced that it has collaborated with TruNarrative in a bid to equip Atom bank with financial crime prevention and core banking capabilities. The partnership is expected to provide identity verification, transactional risk monitoring, core banking services and the ability to conduct real-time AML transactional monitoring processes to the Bank.

“We estimate that only 5% of financial institutions today have automated their B2B or corporate banking onboarding and 75% still rely on google searches. Our clients typically realise a reduction of 50% in cost and 90% in time savings and can achieve full AML compliance from day one. We are delighted to support TruNarrative’s customers to stay competitive and compliant now and into the future,” said Russell E. Perry, CEO and Co-founder at kompany.