Product Overview of TruNarrative
TruNarrative is a cloud-based orchestration platform designed to help businesses, particularly in the banking, finance, and eCommerce sectors, manage the entire financial crime lifecycle efficiently. Acquired by LexisNexis Risk Solutions in 2021, TruNarrative integrates seamlessly into existing tech stacks to streamline and automate processes related to customer onboarding, fraud detection, and compliance.
Key Features
1. Identity Verification and eKYC/eKYB
- TruNarrative offers robust identity verification capabilities, including biometric verification, document and selfie capture, and multi-bureau KYC (Know Your Customer) and KYB (Know Your Business) checks. This ensures accurate and secure customer onboarding.
2. Fraud Detection and Risk Assessment
- The platform uses real-time automated decisions and dynamic risk-rating to detect and prevent financial crime. It includes tools for anti-money laundering (AML) monitoring, anomaly detection, and transaction monitoring, enabling businesses to identify and mitigate risks effectively.
3. Compliance and Regulatory Management
- TruNarrative helps organizations comply with evolving regulations by orchestrating end-to-end compliance obligations. It includes features for PEPs (Politically Exposed Persons) and sanctions screening, ensuring that businesses remain compliant with international standards.
4. Data Integration and Analytics
- The platform integrates with multiple data sources, including third-party data and proprietary intelligence, to provide a single, unified view of customer risk. This integration enables businesses to make informed decisions using comprehensive and up-to-date information.
5. Automation and Workflow Management
- TruNarrative allows for no-code configuration and rapid integration through a single API, simplifying the onboarding process and automating complex decision-making workflows. This reduces customer friction and enhances the overall customer experience.
6. Audit Trails and Reporting
- The platform provides central visibility and reporting capabilities, ensuring that all activities are tracked and auditable. This feature is crucial for maintaining transparency and compliance with regulatory requirements.
7. Integration with External Databases
- TruNarrative integrates with databases such as Cifas, the UK national fraud database, to enrich fraud investigations and enhance the accuracy of fraud detection.
Functionality
- Customer Onboarding: TruNarrative facilitates remote onboarding of personal and business customers using advanced biometric and document verification technologies.
- Transaction Monitoring: The platform monitors customer transactions in real-time, using pattern analysis and risk scoring to detect suspicious activities.
- Case Management: It includes tools for managing and tracking fraudulent accounts, allowing supervisors to create custom questionnaires and perform corporate or consumer KYC checks.
- Real-Time Decisioning: TruNarrative provides real-time automated decisions, enabling businesses to respond quickly to potential risks and ensure compliance with regulatory standards.
Overall, TruNarrative is a comprehensive solution that simplifies financial crime prevention, customer onboarding, and compliance management, making it an essential tool for businesses operating in regulated industries.