The UK’s oldest and largest Islamic bank, Al Rayan Bank PLC chooses regtech platform from TruNarrative, part of LexisNexis Risk Solutions, to provide individual & business onboarding and end-to-end fin-crime strategy
Al Rayan Bank has procured customer onboarding and fraud prevention technology services from UK based regtech firm, TruNarrative, part of LexisNexis® Risk Solutions. The decision is part of the Bank’s digital transformation programme and will see the TruNarrative platform integrated with Al Rayan Bank’s existing technology to facilitate delivery of their Sharia compliant banking services in the UK. Founded in 2004, Al Rayan Bank offers Sharia compliant savings and property finance to over 90,000 business and individual customers in the UK. Al Rayan Bank is the only Islamic bank in the UK to receive a public rating.
TruNarrative delivers its regtech solution to firms across Europe and North America, the Middle East and Asia. The technology is accessed via a single API and enables businesses across banking, lending, ecommerce and payment services to streamline and automate processes.
Al Rayan Bank went to market for a solution or solutions to facilitate their consumer and business onboarding and financial crime prevention strategy, whilst supporting the wider digital transformation of the Bank.
The TruNarrative platform will integrate with Al Rayan Bank’s existing tech stack, including their core architecture and Digital Banking platforms.
Al Rayan Bank will use the TruNarrative platform to access a range of capabilities across onboarding and transactional risk, including financial crime prevention, money laundering detection, identity and biometric verification, multi bureau KYC (know your customer), KYB (know your business), PEPs (politically exposed persons) and sanctions and anomaly detection.
TruNarrative will enable Al Rayan Bank to combine multiple data points from third party data sources into a single customer view for dynamic risk rating and periodic review.
Al Rayan Bank will be able to remotely onboard their personal and business customers using the TruNarrative document and selfie capture solution, helping to keep Al Rayan Bank’s customers safe and delivering to the Bank the latest in biometric onboarding technology.
Imran Pasha, Chief Operating Officer of Al Rayan Bank said: “We chose the TruNarrative platform to deliver this phase of our digital transformation strategy. Their technology means that we do not have to piece together this part of our tech stack from multiple different suppliers, giving us end to end onboarding and fin-crime in one place with full audit trail and reporting.”
Through TruNarrative, Al Rayan Bank will be able to utilise international payment screening to monitor customer transactions. Using beneficiary information and sanction screening the bank will be able to determine a risk score of a transaction, helping to prevent fraud and money laundering.
Al Rayan Bank will also make use of TruNarrative’s market leading integration with Cifas, the UK national fraud database, enriching fraud investigations with access to known and suspected fraud cases.
TruNarrative’s central visibility and reporting capability, enables Al Rayan Bank to detect and deliver robust risk scoring and intuitive case management. Streamlining process for their inhouse onboarding and financial crime teams and delivering full audit trail, Management Intelligence (MI) and reporting to the bank.
“It’s great to be working with Al Rayan Bank, helping them grow and maintain their ethical, Sharia compliant business model,” said Edward Vaughan, Head of Banking of TruNarrative. “We look forward to working with Imran and the team to provide them with our robust financial crime prevention and customer onboarding technology.”
About Al Rayan Bank
Al Rayan Bank is the oldest and largest Islamic bank in the UK. Founded in 2004, the Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the FSCS. The Bank currently serves more than 90,000 customers throughout the country.
Al Rayan Bank is an open and inclusive bank which welcomes customers of any faith; the Bank currently estimates that more than a third of its customers are not of the Muslim faith. Al Rayan Bank has won multiple international awards and accolades and, amongst many others, last year was named ‘Best Islamic Bank in the UK’ on three separate occasions.