Suffolk Building Society signs for TruNarrative’s regtech
UK-based Suffolk Building Society has signed for TruNarrative’s technology to digitise mortgage customer onboarding and prevent financial crime.
The building society will be able to access the TruNarrative Platform to verify a customer’s identity, documents, selfie and liveness, as well as screen for politically exposed persons (PEPs), sanctions and adverse media status. The vendor says this will provide the underwriters with the information needed to assess new mortgage applications without needing any additional integrations or resources.
Suffolk Building Society will also be able to perform enhanced fraud detection checks using the Cifas national fraud database and can report fraud directly back to Cifas from within the TruNarrative interface.
Ian Brighton, chief operating officer (COO) of Suffolk Building Society, describes the new solution as “a real game-changer”.
“Not only will it digitalise and therefore streamline our approach to onboarding, meaning direct mortgage applicants and mortgage intermediaries will benefit from faster response times, it also enables us to take control of our own strategy,” he explains.
Founded in 1849, Suffolk Building Society was previously known as Ipswich Building Society (it changed its name last November). It has around 65,000 members, over 80,000 savings accounts and over 5,000 mortgage accounts.
TruNarrative was founded in 2016 and is based in Leeds, UK. Its flagship offering is a regtech platform in the financial crime and compliance sector. Last year, it was acquired by LexisNexis Risk Solutions.