TruNarrative is partnering up with business verification data firm kompany on anti-money laundering (AML) compliance to combine fast registry checking with its biometrics, liveness, and other online fraud prevention technologies.
As part of the new collaboration, TruNarrative’s decisioning and orchestration platform will be updated to include kompany’s register network for AML compliance. In other words, TruNarrative’s customers will now be able to access entity information directly from the primary source, including commercial registers, financial and tax authorities from more than 200 countries, through kompany’s solutions available from the TruNarrative App Store.
Customers will have the option to verify international bank account numbers (IBAN) and European VAT numbers via kompany’s extended service features.
According to kompany’s CEO and co-founder, a few financial institutions today have automated their B2B or corporate banking onboarding, while the majority still rely on Google searches.
“Our clients typically realize a reduction of 50% in cost and 90% in time savings and can achieve full AML compliance from day one,” Perry explained. “We are delighted to support TruNarrative’s customers to stay competitive and compliant now and into the future.”
TruNarrative specializes in financial crime detection, consumer and corporate onboarding, behavioral biometrics, and transactional monitoring strategies. The company says its decision engine can be accessed via a single API and is capable of delivering risk scoring, behavioral models, as well as full case and referral management.
Nethone to secure cryptocurrency payments
According to Bitcan, the most frequently chosen form of payment in Poland is the so-called pay by link method, which it says is inherently not secure, since it may potentially expose the transfer details to anyone intercepting the link. ID document and selfie biometric checks also do not provide sufficiently robust protection, Bitcan believes.
To tackle this issue, Bitcan, which belongs to the Litpay Group, has joined forces with Nethone to introduce video verification to its platform.
Nethone’s AI-powered platform is capable of understanding user actions in cryptocurrency wallets and exchanges, proactively preventing unauthorized transaction attempts with behavioral biometrics.
Integrating Nethone’s algorithm within the Bitcan app has reportedly reduced the level of blocked traffic from 60 percent to 25 percent in just two months, as well as blocked 96 percent of unauthorized transactions.
As part of the new collaboration, Bitcan and Nethone will also contribute to a shared fraud database designed to collect information about suspicious transactions, and develop more effective risk analysis models.
In addition to the Nethone’s partnership, the cryptocurrency firm has also announced an integration of Bitcan with the “Restricted Documents” system utilized by the Polish Bank Association.
Planned for release in December 2020, the integration with the Ognivo interbank system will enable easier communication between banks and certified institutions.