Regtech platform TruNarrative has been selected by Suffolk Building Society to augment its fraud prevention processes and digitalise its mortgage customer onboarding.
The Society will be able to access the TruNarrative platform to verify a customer’s identity, documents, selfie, and liveness, as well as screen for politically exposed persons (PEPs), sanctions, and adverse media status. This will provide the Society’s underwriters with the information needed to assess new mortgage applications, without needing any additional integrations or resources.
Through TruNarrative, Suffolk Building Society will also be able to perform fraud detection checks using the Cifas national fraud database and can report fraud directly back to Cifas from within the former’s interface. Suffolk Building Society representatives stated that the regtech platform will not only facilitate their onboarding’s digitalisation, but also enable them to take control of their own strategy.
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