UK’s Atom bank has partnered with TruNarrative to tackle the threats of financial crimes and money laundering activities.
The partnership will see the deployment of an anti-money laundering (AML) transaction monitoring and financial crime customer screening and monitoring solution.
The move is expected to support Atom Bank’s future products and protect it against associated risks.
TruNarrative CEO John Lord said: “Atom bank represent a fantastic strategic partner for TruNarrative. It’s proof our innovation and accuracy in building next generation financial crime tools is ahead of the game.
“We are looking forward to working with them for years to come, protecting their customers and accelerating their growth.”
Atom’s selection of TruNarrative solution was based on multiple priorities. It included the ability to facilitate real-time decisions, reduce false positives, and demonstrate the ability to scale.
Atom bank Financial Crime head Helen Hassen said: “TruNarrative demonstrated a passion for innovative financial crime prevention methods and are clearly driven by challenging legacy systems and issues in the industry.
“They provide excellent levels of configurability and flexibility in their platform, allowing Atom to respond quickly to AML/CTF threats in a controlled way.”
Atom bank launched its operations in April 2016. The bank offers fixed saver accounts and business lending for small and medium-sized enterprises. It offers its services through a smartphone app and has no physical presence.
Recently, BBVA abandoned its plan to increase its Atom bank ownership due to Brexit uncertainty.
Currently, the bank holds 40% stake in Atom.