Paragon Bank to Adopt Trunarrative Regtech Platform to Power Bounce-Back Loans Initiative
Paragon Bank has procured business onboarding and automated due diligence technology services from RegTech firm, TruNarrative.
The decision follows Paragon Bank’s recent approval from the British Business Bank, enabling Paragon to deliver Bounce Back Loans to SMEs coping with the Covid-19 economic situation.
Paragon Bank is a FTSE 250 multi-award winning specialist bank with over 430,000 customers. Since its inception in 1985 as a buy-to-let mortgage lender, it has grown to offer a range of products, including commercial and SME lending, motor finance, asset finance, and consumer savings accounts.
TruNarrative’s platform is trusted by regulated entities across Europe and North America including banks, lenders, eCommerce and payment services. Via a single API, the TruNarrative platform delivers automated customer onboarding, financial crime prevention, fraud, money laundering detection, ID and biometric verification, multi-bureau eKYC, eKYB, PEPs and Sanctions, and anomaly detection.
Following Paragon’s appointment as the 20th Bounce Back Loans Scheme provider, it required a solution to deliver real-time financial crime decisioning and risk rating of linked entities and individuals so Bounce Back loans could be processed as quickly as possible.
The TruNarrative platform is integrated with Paragon Bank’s core architecture and will initially facilitate the onboarding of SMEs specifically for the Bounce Back Loans Scheme (BBLS). TruNarrative’s cloud-native solution was integrated, deployed and live within three weeks and now complements Paragon’s existing onboarding processes with real-time financial crime decisioning and risk rating.
The partnership will give Paragon Bank access to a range of capabilities, including device risk profiling, KYB risk insights, electronic identity verification, enhanced fraud detection using Cifas data, Peps, Sanctions and Adverse Media. The TruNarrative platform allows Paragon to review and rapidly adapt its risk scores, thresholds and constantly monitor risk within its SME customer base for BBLS.
Source: TruNarrative Press Release