TruNarrative has announced a new partnership with AccountScore to integrate open banking connectors into the TruNarrative platform.
The move will enable risk and compliance teams to integrate affordability scores to aid onboarding and monitoring of customers.
The TruNarrative platform delivers financial crime detection, customer onboarding and transaction monitoring to financial services, e-commerce businesses and gambling operators.
AccountScore currently provides their open banking APIs and platform to financial services companies, tenant reference agencies and telecommunications companies, allowing them to verify information such as a customer's salary and identity, a process that has historically involved the submission of paper documents and manual validity checks.
The partnership means TruNarrative customers have access to the information they need to help affordability decisions, in real time via the TruNarrative API.
Checking against open banking data can mean the difference between over-extending a loan or allowing credit correctly to the underbanked. Affordability scores are also a key requirement enforced by the UK Gambling Commission on gaming companies to ensure a duty of care to their customers.
Using AccountScore’s open banking data through TruNarrative will facilitate a low-friction journey for the customer, increased visibility and reduced operational cost for organisations.
Adam Doyle, head of gaming at TruNarrative said: “This is a relationship that I am truly excited about. As regulatory requirements shift increasingly towards the inclusion of affordability scoring, this partnership provides
businesses with the much needed ability to monitor and protect customers throughout their entire lifecycle, whilst minimising impact on the customer experience.
“And importantly, in this unprecedented global situation, ensuring players aren’t stretching themselves in testing times is essential for continuing to provide a safe environment for users of online services.”
Emma Steeley, CEO of AccountScore, said: “We are proud to be joining forces with TruNarrative in order to enable them to deliver cutting-edge open banking solutions to their clients. From income verification and affordability, to source of funds and identity verification, our partnership delivers a solution that provides multiple sectors the opportunity to take full advantage of the UK’s open banking framework coupled with our market leading analytics.”