The decision is part of the Bank’s digital transformation programme and will see the TruNarrative platform integrated with Al Rayan Bank’s existing technology to facilitate delivery of their Sharia compliant banking services in the UK.
Al Rayan Bank went to market for a solution or solutions to facilitate their consumer and business onboarding and financial crime prevention strategy, whilst supporting the wider digital transformation of the Bank. The TruNarrative platform will integrate with Al Rayan Bank’s existing tech stack, including their core architecture and Digital Banking platforms.
Al Rayan Bank will use the TruNarrative platform to access a range of capabilities across onboarding and transactional risk, including financial crime prevention, money laundering detection, identity and biometric verification, multi bureau KYC (know your customer), KYB (know your business), PEPs (politically exposed persons) and sanctions and anomaly detection.
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