The partnership will allow Recognise to speed up the onboarding of new business borrowers by digitising a wide range of anti-money laundering and know your customer processes, some of which were previously carried out manually.
The platform is used by banks, lenders, ecommerce providers, and payments services firms to onboard customers, detect fraud and identify risk via a single API.
Recognise Bank, is a fintech powered business lender and savings provider which received its full authorisation from the Prudential Regulatory Authority in September 2021.
The bank is aimed at the UK’s 5.5 million SMEs, and employs a national network of relationship managers alongside the use of cloud-based banking technology to provide quicker decisions and faster access to funds.
Recognise Bank offers a range of unregulated lending options, as well as personal savings accounts and recently launched business savings accounts. Six months after full authorisation the bank said it had lent £100m and had £95m in savings deposits.
In May 2022 it announced a fresh fundraise of £8.7m to help drive its innovation activity and digital capability.
Mo Fadaei, director, banking platforms and partnerships at Recognise Bank, said: “RiskNarrative helps our customer onboarding team streamline the decisioning process and acts as a single source of information for credit checks, anti-money laundering checks, and identity verification, alerting us to anything that falls outside of the set parameters so we can review the information.
“Using RiskNarrative has increased the speed of execution and decision-making, which of course means we can onboard more customers more quickly. For SMEs this ultimately leads to quicker lending decisions and faster access to the funding they need to help their businesses grow.”
Bryce Glover (pictured), chief executive of Recognise Bank, said: “Our mission was to build a digital bank with the personal touch for SMEs who are not being properly supported by the mainstream banks, so our philosophy has always been simple: put the customer first and use the best technology available to create the products and services they need to be able to make their businesses grow and prosper.
“Working with TruNarrative and LexisNexis Risk Solutions we have found another partner that shares our philosophy, creating a solution that brings speed and efficiency to the bank’s risk-checking processes, which in turn benefits our customers.”
Mike Harriss, chief revenue officer at TruNarrative, said: “Recognise Bank is built on the latest tech and a passion for delivering a frictionless customer experience. Our partnership demonstrates the RiskNarrative platform is helping organisations of all sizes reduce the volume of manual compliance tasks and optimise their financial crime management.”
