Recognise Bank has announced a new partnership with TruNarrative to transform the onboarding process for its SME business lending customers.

TruNarrative is a LexisNexis Risk Solutions company and its RiskNarrative platform will accelerate the onboarding of Recognise Bank’s new business borrowers.

The RiskNarrative platform is used by banks, lenders, ecommerce providers and payments services firms to onboard customers, detect fraud and identify risk via a single API. The new partnership will digitise a range of anti-money laundering and Know Your Customer processes, some of which were previously carried out manually.

Recognise Bank, which received its full authorisation in September 2021, is a digital bank created for the UK’s 5.5 million SMEs, and combines a national network of relationship managers with cloud-based banking technology to provide quicker decisions and faster access to funds.

“Our mission was to build a digital bank with the personal touch for SMEs who are not being properly supported by the mainstream banks, so our philosophy has always been simple: put the customer first and use the best technology available to create the products and services they need to be able to make their businesses grow and prosper,” commented Recognise Bank CEO, Bryce Glover.

“Working with TruNarrative and LexisNexis Risk Solutions we have found another partner that shares our philosophy, creating a solution that brings speed and efficiency to the Bank’s risk-checking processes, which in turn benefits our customers.”

Chief revenue officer at TruNarrative, Mike Harriss, added: “Recognise Bank is built on the latest tech and a passion for delivering a frictionless customer experience. Our partnership demonstrates the RiskNarrative platform is helping organisations of all sizes reduce the volume of manual compliance tasks and optimise their financial crime management.”

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