Al Rayan Bank taps TruNarrative to cover KYC and onboarding

Al Rayan Bank, the largest Islamic bank in the UK, has selected TruNarrative to cover its onboarding and know your customer (KYC) processes for individual and business accounts.

Al Rayan launched in 2004 as a commercial bank under Shariah principles

The selection is part of an ongoing transformation project at the bank, which counts more than 90,000 customers.

Al Rayan Bank will use the TruNarrative platform to access a range of capabilities across onboarding and transactional risk.

This includes financial crime prevention, money laundering detection, identity and biometric verification, multi bureau KYC and know your business (KYB), and sanctions detection.

“We chose the TruNarrative platform to deliver this phase of our digital transformation strategy,” says Imran Pasha, chief operating officer at Al Rayan Bank.

“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 financial crime in one place with full audit trail and reporting.”

Founded in 2004, Al Rayan Bank is a commercial bank offering Shariah-compliant financial services to customers “of any faith”. It operates two branches in London and a branch in Birmingham.

The bank became the only UK Islamic bank to receive an official rating in November 2017, when it was grated an Aa3 by Moody’s.

TruNarrative is fresh from its acquisition by LexisNexis, a £130 million deal announced in August.

Founded in 2016 and based in Leeds, UK, TruNarrative provides automated onboarding, dynamic risk scores, and transaction monitoring.

It says its platform allows for no-code configuration and quick integration through an API, and a single view of customer risk.

Other recent takers of its platform and services include RationalFX and Ikano Bank.

Source: https://www.fintechfutures.com/2021/10/al-rayan-bank-taps-trunarrative-to-cover-kyc-and-onboarding/