Paragon Bank has selected regtech company, TruNarrative, for business onboarding and automated due diligence technology services.
The decision follows Paragon Bank’s recent approval from the British Business Bank, enabling Paragon to deliver Bounce Back Loans to SMEs coping with the Covid-19 economic situation. Paragon Bank has over 430,000 customers, and since its inception in 1985 as a buy-to-let mortgage lender, it has grown to offer a range of products, including commercial and SME lending, motor finance, asset finance, and consumer savings accounts, according to the official press release.
TruNarrative’s platform is used by regulated entities across Europe and North America including banks, lenders, ecommerce, and payment services. Via a single API, the TruNarrative platform delivers automated customer onboarding, financial crime prevention, fraud, money laundering detection, ID and biometric verification, multi-bureau eKYC, eKYB, PEPs and Sanctions, and anomaly detection.
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