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

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.