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Allica Bank to use Sphonic's regtech platform for financial crime compliance

Tuesday 3 November 2020 14:37 CET | News

SME-targeted bank Allica has selected UK-based regtech Sphonic’s Financial Crime product suite to support its compliance function with its innovative technology platform.

Allica Bank launched in 2020 to empower small business with a range of banking products to a sector that has been underserved by many of the mainstream institutions. Being a growing digital bank, Allica needs to ensure it can meet its requirements under its FCA license to tackle financial crime as well as keep its customers secure, according to the official press release. Sphonic was formed in 2012 when its core product Workflow Manager (WFM) was created. It acts as a Data Orchestration Platform that leverages data insights from over 85 risk management services through an intelligent workflow engine. 

In the case of Allica, Sphonic provides real-time KYB (Know Your Business) and (KYC) Know Your Customer services all via a single API. Allica will also launch Sphonic’s AML Transactional Monitoring System to profile illicit activity across the banks’ various products, which it will be able to review through real-time actionable insights via Sphonic’s Case Management tool, enabling a complete end-to-end AML/KYC platform for the bank.


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Keywords: Allica Bank, Sphonic, regtech, platform, financial crime compliance, SME, UK, FCA license, financial crime, AML, KYB, KYC
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: United Kingdom
This article is part of category

Banking & Fintech






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