GB Bank taps TruNarrative for fraud detection and customer onboarding

SME property lender GB Bank has selected regtech TruNarrative to provide customer onboarding and transactional risk compliance solutions.

GB Bank CEO Stephen Lancaster

TruNarrative says its platform enables banking, lending, e-commerce and payments firms to safely onboard customers, detect fraud and identify risk via a single API.

GB Bank provides SMEs, construction companies and property developers access to finance up to £5 million. It intends to lend £3 billion to regional projects and businesses over the next five years, funding the construction of 20,000 homes and millions of square feet of commercial space.

The firm says the partnership with TruNarrative will enable it to build a complete risk profile for each customer using transactional monitoring with risk visibility over applications, deposits, withdrawals and repayments.

Key features of TruNarrative’s platform include anti-money laundering (AML), know your customer (KYC), document validation, PEPs, sanctions and adverse media checks and bank account authentication.

GB Bank says the Leeds-based firm’s solution will reduce friction in customer journeys, boost compliance and enhance its risk mitigation. The platform will be integrated with GB Bank’s core banking systems, front-end user interface and reporting framework.

GB Bank CEO Stephen Lancaster says: “Since gaining our provisional banking licence we have been able to push forward at pace with the bank build and that is in part thanks to the due diligence that went into researching and securing the right technology for our needs.”