TruNarrative - Detailed Review
Finance Tools
TruNarrative - Product Overview
Overview
TruNarrative is a cloud-based orchestration platform that plays a crucial role in the finance sector by helping organizations manage financial crime and compliance. Here’s a brief overview of its primary function, target audience, and key features:
Primary Function
TruNarrative’s main function is to enable businesses to safely onboard customers, detect fraud, and identify risk through a single, unified platform. It orchestrates the entire financial crime lifecycle, including identity verification, fraud detection, anti-money laundering (AML), and transaction monitoring.
Target Audience
The platform is targeted at midsize to large financial institutions, such as banks, lenders, payment services, online gambling operators, and e-commerce companies. It is also scalable for start-ups looking to streamline their digital transformation and compliance processes.
Key Features
Unified Platform
TruNarrative integrates various checks, including identity verification, fraud detection, eKYC (Know Your Customer), eKYB (Know Your Business), and AML monitoring, into a single easy-to-configure environment.
Automated Decisioning
The platform uses real-time automated decisions, workflow capabilities, and dynamic risk-rating to help organizations manage customer onboarding, transaction monitoring, and account management efficiently.
Machine Learning and RPA
It leverages modern techniques such as machine learning and robotic process automation (RPA) to enhance the efficiency of fraud detection and compliance checks.
No-Code Configuration
The platform allows for no-code configuration and rapid integration through a single API, making it user-friendly and reducing the need for IT resources.
Third-Party Data Integration
TruNarrative can combine data from over 40 third-party providers, enabling organizations to adapt rules and decisioning on the fly.
Global Compliance
It helps organizations comply with evolving regulations and prevent financial crime across multiple jurisdictions.
By integrating these features, TruNarrative simplifies and automates the process of managing financial crime and compliance, reducing customer friction and the risk of fines and reputational damage.
TruNarrative - User Interface and Experience
User Interface
TruNarrative is described as a cloud-based fraud detection solution with a no-code interface. This interface allows users to make changes to the customer journey and case management without requiring extensive IT resources. The platform integrates various features such as identity verification, risk assessment, account monitoring, eKYC, audit trails, and case management through a single API.
Ease of Use
However, user feedback suggests that the ease of use of TruNarrative is a significant issue. A review from a user with extensive IT experience described the product as having “dreadful usability” and mentioned that they found it extremely frustrating and badly designed. This user could not identify any aspect of the product that they found easy to use.
Overall User Experience
The overall user experience appears to be negative based on the available feedback. Despite the platform’s capabilities in fraud detection and compliance, the usability issues seem to overshadow its benefits. Users have reported difficulty in using the product, which has led to a poor experience, particularly in identity verification processes.
Conclusion
In summary, while TruNarrative offers a range of advanced features for fraud detection and compliance, the user interface and overall user experience are marred by significant usability issues. This highlights the need for improvements in making the platform more user-friendly and intuitive.
TruNarrative - Key Features and Functionality
TruNarrative Overview
TruNarrative is a comprehensive cloud-based platform that offers a range of features and functionalities aimed at fraud detection, identity verification, and compliance management in the finance sector. Here are the main features and how they work:
Identity Verification and KYC/KYB
TruNarrative integrates advanced identity verification tools, often in partnership with other leading providers like Jumio. This involves verifying identities using ID documents such as driver’s licenses and passports, leveraging technologies like AI, OCR, computer vision, and biometrics to ensure accuracy and reliability.
- Document and Biometric Verification: Users can remotely onboard customers using document and selfie capture solutions, ensuring that the person onboarding is who they claim to be.
Anti-Money Laundering (AML) and Financial Crime Prevention
The platform includes robust AML monitoring and financial crime prevention tools. It integrates with multiple data sources to provide a single customer view for dynamic risk rating and periodic reviews.
- Multi-Bureau KYC/KYB: TruNarrative conducts checks across multiple bureaus to verify both individual and business identities, including checks for Politically Exposed Persons (PEPs) and sanctions.
- Transaction Monitoring: The platform monitors customer transactions in real-time, using beneficiary information and sanction screening to determine a risk score for each transaction, helping to prevent fraud and money laundering.
Automated Decision-Making and Workflow Capabilities
TruNarrative uses AI to automate complex decision-making processes, streamlining customer onboarding, transaction monitoring, and account management.
- Real-Time Automated Decisions: The platform makes real-time decisions based on shared insights and third-party data sources, reducing the need for manual intervention.
- Workflow Capabilities: It includes workflow tools that enable businesses to automate and manage various processes, from onboarding to ongoing account monitoring.
Integration and Scalability
The platform is highly integrable and scalable, making it suitable for a wide range of businesses.
- Single API Integration: TruNarrative can be accessed via a single API, allowing easy integration with existing tech stacks, such as core architecture and digital banking platforms.
- Scalability: The solution is provided as a scalable shared service, using AWS scaling tools to ensure performance is continually monitored and additional resources are made available as needed.
Risk Rating and Periodic Screening
TruNarrative provides dynamic risk rating and periodic screening capabilities.
- Dynamic Risk Rating: The platform combines multiple data points from third-party sources to create a single customer view for dynamic risk rating and periodic reviews.
- Periodic Screening: It conducts regular screenings to ensure ongoing compliance and risk management.
Central Visibility and Reporting
The platform offers central visibility and reporting capabilities, which are crucial for managing and auditing financial crime prevention efforts.
- Central Visibility: TruNarrative provides a centralized view of customer data and risk scores, enabling robust risk scoring and intuitive case management.
- Reporting and Audit Trail: The platform offers full audit trail, management intelligence (MI), and reporting, which are essential for compliance and regulatory requirements.
Customization and Configuration
TruNarrative allows for significant customization to fit the specific needs of different businesses.
- Configurable Platform: Users can configure rules, data enrichment, risk levels, downstream actions, and other elements without needing technical expertise. The platform supports customization in natural language.
Market Leading Integrations
The platform integrates with various market-leading services to enhance its capabilities.
- Cifas Integration: TruNarrative integrates with Cifas, the UK national fraud database, to enrich fraud investigations and access known and suspected fraud cases.
Overall, TruNarrative’s AI-driven features and integrations make it a powerful tool for financial institutions and businesses looking to streamline their onboarding processes, enhance fraud detection, and ensure compliance with regulatory requirements.
TruNarrative - Performance and Accuracy
Evaluating the Performance and Accuracy of TruNarrative
Performance
TruNarrative’s platform is noted for its ability to manage the entire financial crime lifecycle within a single, unified platform. It enables organizations to simplify and automate customer onboarding, dynamic risk scoring, and transaction monitoring through a single API. This integration helps in reducing friction in customer journeys and boosting compliance. The platform’s no-code configuration and rapid integration capabilities make it user-friendly and efficient, allowing for smooth customer onboarding and transaction monitoring. GB Bank, for instance, has adopted TruNarrative to build complete risk profiles for its customers, which includes transactional monitoring and various compliance checks such as anti-money laundering (AML), know your customer (KYC), and sanctions checks.Accuracy
The accuracy of TruNarrative’s platform is enhanced by its ability to provide detailed risk assessments and transaction monitoring. It can distinguish between normal and suspicious events, which is crucial for minimizing false positives and negatives. This is particularly important as false positives can lead to significant inefficiencies and negative impacts on customer experience and brand reputation. TruNarrative’s platform is also supported by extensive data insights and analytics from LexisNexis Risk Solutions, following its acquisition. This integration provides access to vast transaction data, such as the LexisNexis Digital Identity Network, which detects over 90 billion transactions annually. This data helps in calibrating the platform to industry-specific risks, ensuring high accuracy in fraud detection and compliance screening.Limitations or Areas for Improvement
One of the key areas to consider is the need for industry-specific calibration. While TruNarrative’s platform is highly adaptable, it requires a vendor with deep industry experience to fine-tune the solutions effectively. Without this calibration, the system may generate high volumes of false positives, leading to inefficiencies and potential negative impacts on customer experience. Another aspect is the ongoing need for updates and integration with emerging technologies such as AI and biometrics. To stay ahead of evolving fraud tactics, continuous research and development are essential. The partnership with LexisNexis Risk Solutions helps in this regard, but ongoing investment in these areas is crucial for maintaining high performance and accuracy.Conclusion
In summary, TruNarrative’s platform is highly effective in managing financial crime compliance and fraud detection, thanks to its comprehensive features and integration with extensive data analytics. However, it is important to ensure industry-specific calibration and ongoing technological advancements to maintain its accuracy and performance. TruNarrative - Pricing and Plans
Pricing Structure of TruNarrative
The pricing structure of TruNarrative, which is part of LexisNexis Risk Solutions, is not straightforwardly outlined in a simple tiered plan format. Here are some key points that can help you understand the costs and features involved:Pricing Model
TruNarrative’s pricing model typically involves multiple components, including technology licenses and data usage fees. There is no single, fixed price or tiered plan structure publicly available.Setup and Configuration
There are setup fees associated with implementing TruNarrative. For example, the core setup and configuration can cost £2,000, which includes administration and user training for up to three people. Additional setup fees apply for specific services such as Document Verification and Biometric services, which can cost £3,700.Data and Services
The pricing for data and services is based on flexible data bundles. There are two types of data bundles:RiskNarrative Data Bundle
This allows access to multiple data services, with the unit cost deducted from the bundle as services are utilized.Annual Data Bundle
This requires an annual commitment per provider.API Calls and Bundles
The cost can also be tied to the number of API calls. For instance, a bundle based on a maximum of 15,001 API calls over 36 months can cost £5,827 annually, including standard service level support.No Free Options
There are no free trials or freemium versions available for TruNarrative.Customized Pricing
Given the lack of a standardized tiered pricing structure, it appears that TruNarrative’s pricing is often customized based on the specific needs and scale of the business. This may involve direct engagement with the vendor to determine the exact costs and features required.Summary
In summary, while there isn’t a simple tiered pricing plan, the costs include setup fees, data usage fees, and API call bundles, all of which can vary based on the specific requirements of the business. For precise pricing, it is recommended to contact TruNarrative directly. TruNarrative - Integration and Compatibility
Introduction
TruNarrative, now integrated with LexisNexis Risk Solutions as RiskNarrative, offers a highly compatible and integrative platform that streamlines various financial and regulatory processes. Here are some key points on its integration and compatibility:
Unified API and Multiple Integrations
TruNarrative uses a single, unified API that integrates with over 50 third-party suppliers. This allows operators to access multiple solutions through one interface, simplifying the process of identity verification, anti-money laundering (AML), transaction monitoring, and affordability checks.
Platform Compatibility
The platform is highly configurable and can be set up quickly without the need for extensive technical resources. It supports multi-jurisdiction onboarding, financial crime detection, and regulatory compliance for Know Your Customer (KYC) and Know Your Business (KYB) processes. This configurability is achieved through a natural language interface, eliminating the need for technical coding.
Integration with Other Systems
TruNarrative is integrated with Playtech’s IMS platform, which is particularly beneficial for gambling operators. This integration helps in accurately identifying players whose gambling spend may be unsustainable and ensures continuous monitoring of play patterns for player protection and affordability monitoring.
Scalability and Performance
The RiskNarrative platform is designed to scale as required, using AWS scaling tools among other methods. This ensures that the system can handle increased demand without compromising performance. The solution is provided as a scalable shared service, with continuous monitoring and additional resources made available as needed.
Cross-Platform Accessibility
The platform offers a web browser management portal and a Restful API for making requests to check applicants or account transactions. While the API is primarily used for retrieving results and checking risk levels, it does not manage functions available in the web browser portal. This setup ensures that users can access and manage data across different interfaces.
Customization and Flexibility
RiskNarrative allows for high levels of customization, including configuring rules, data enrichment, risk levels, downstream actions, and more. This flexibility is available to permitted users without the need for technical expertise, using a natural language configuration.
Conclusion
In summary, TruNarrative’s integration capabilities and compatibility make it a versatile tool that can be seamlessly integrated into various financial and regulatory systems, ensuring smooth operations and compliance across different platforms and devices.
TruNarrative - Customer Support and Resources
Customer Support
- For integration and configuration issues, users can rely on the TruNarrative support team. For example, when setting up single sign-on (SSO) with Microsoft Entra ID, users need to send the Federation Metadata XML and appropriate URLs to the TruNarrative support team to ensure the SAML SSO connection is set up correctly.
- Users can also work with the TruNarrative support team to add and activate users within the TruNarrative platform, ensuring that all necessary steps are taken before using single sign-on features.
Additional Resources
- Documentation and Tutorials: Detailed tutorials are available to guide users through the integration process, such as the Microsoft Entra SSO integration tutorial. This helps users configure and test the integration in a test environment.
- App Store and Data Providers: TruNarrative’s platform includes an app store with over 50 third-party data providers integrated, allowing users to enrich application data and make informed decisions. This resource facilitates compliance with current and future regulations and helps in building end-to-end customer onboarding and monitoring journeys.
- No-Code Rule Builder: The platform offers a no-code rule builder, enabling users to build rules and adapt strategies in-house without requiring programming skills. This tool helps users react to fraud and risk trends and remain compliant with regulations.
- Full Case Management System: TruNarrative provides a full case management system and a comprehensive audit trail, which is essential for regulatory purposes and ensures that all activities are traceable and recallable.
Platform Capabilities
- The TruNarrative platform, now integrated into LexisNexis Risk Solutions as part of the RiskNarrative offering, allows institutions to handle critical fraud detection, prevention of financial crime, and compliance workflows from a single API. This unified view of customer risk supports more informed business decisions and helps cut down compliance costs.
By leveraging these resources and support options, users of TruNarrative can effectively manage financial crime, compliance, and customer onboarding processes within a single, intuitive platform.
TruNarrative - Pros and Cons
Advantages of TruNarrative
TruNarrative, now integrated into LexisNexis Risk Solutions as RiskNarrative, offers several significant advantages for organizations in the finance sector:
Comprehensive Financial Crime Lifecycle Management
The platform provides a unified solution for managing the entire financial crime lifecycle, including onboarding, transaction monitoring, and risk scoring. This allows for simplified and automated processes, reducing customer friction.
No-Code Configuration and Integration
TruNarrative features a no-code configuration and a single, intuitive API for rapid integration. This makes it easier for businesses to set up and use the platform without requiring extensive technical expertise.
Real-Time Insights and Automation
The platform offers real-time automated decisions, workflow capabilities, and dynamic risk rating. This helps in automating complex decision-making processes, enhancing efficiency and accuracy in fraud detection and compliance.
Multi-Jurisdiction Compliance
TruNarrative supports multi-jurisdiction onboarding and compliance for KYC (Know Your Customer) and KYB (Know Your Business) processes, ensuring that businesses can meet regulatory requirements across different regions.
Advanced Fraud Detection and AML
The platform includes tools for identity verification, eKYC, eKYB, AML monitoring, and transaction monitoring. It uses pattern analysis and behavioral tracking to detect suspicious transactions and distinguish genuine customers from fraudulent ones.
Scalability
The solution is provided as a scalable shared service, using AWS scaling tools to ensure performance and availability as the business grows.
Disadvantages of TruNarrative
Despite its advanced features, TruNarrative has some notable drawbacks:
User Experience and Usability
Several users have reported poor usability and frustration with the platform. Reviews indicate that the interface is badly designed and difficult to use, even for those with extensive IT experience.
High Cost
The starting price for TruNarrative is $15,000, which can be prohibitive for smaller businesses. Additionally, there is no free trial or free version available, making it a significant investment without the option to test the product first.
Limited Support for Small Businesses
While the platform is scalable, it is best suited for midsize to large banks and lenders. Smaller businesses might find the cost and complexity of the platform challenging to manage.
Negative User Reviews
Overall ratings from users are very low, with many expressing dissatisfaction with the product’s ease of use and overall design. This suggests that significant improvements are needed to enhance user satisfaction.
In summary, while TruNarrative offers powerful tools for financial crime prevention and compliance, its high cost and poor user experience are significant drawbacks that potential users should consider.
TruNarrative - Comparison with Competitors
Unique Features of TruNarrative
- TruNarrative is a cloud-based platform that integrates multiple functions such as fraud detection, identity verification (eKYC and eKYB), anti-money laundering (AML) monitoring, and account monitoring through a single API.
- It uses machine learning and process automation to combine data from over 40 third-party providers, allowing for real-time automated decisions and dynamic risk-rating without the need for IT resources.
- The platform is particularly effective for midsize to large banks and lenders, helping to streamline digital transformation and reduce friction in customer journeys.
Alternatives and Competitors
RISK IDENT
- RISK IDENT focuses on anti-fraud solutions using machine learning and data analytics, particularly in e-commerce and telecommunications. It offers products like DEVICE IDENT and FRIDA Fraud Manager to detect and prevent fraud in real-time.
- Unlike TruNarrative, RISK IDENT is more specialized in device fingerprinting and fraud within loan applications, making it a strong alternative for businesses with specific fraud prevention needs.
SEON
- SEON provides a comprehensive fraud prevention solution that combines open data from digital and social media, phone, email, IP, and device lookups. It offers intelligent risk scoring with AI and machine learning, giving full visibility and control over AI decisions.
- SEON is unique in its use of open data sources and its focus on providing a true picture of what a real person looks like, which can be an attractive alternative for businesses needing detailed risk scoring.
Ondato
- Ondato offers identity verification, business onboarding, customer data platform, due diligence, and authentication solutions. It is a one-stop solution for the entire customer lifecycle management, from onboarding to continuous user monitoring.
- Ondato is more focused on the entire customer lifecycle, making it a good alternative for businesses that need a holistic approach to customer management and compliance.
TurnKey Lender
- TurnKey Lender is an AI-driven SaaS platform that automates the lending process, offering pre-configured solution packages for various lending types such as commercial, consumer, and mortgage lending. It reduces operational costs and risk while helping lenders grow their business.
- While TurnKey Lender is more specialized in lending automation, it can be considered by financial institutions looking to streamline their lending operations alongside their compliance and fraud detection needs.
Key Differences
- Integration and Scalability: TruNarrative stands out for its ability to integrate with core banking systems and front-end user interfaces, making it highly scalable for large enterprises. In contrast, some alternatives like RISK IDENT and SEON might be more suited for specific anti-fraud needs rather than comprehensive integration.
- Data Sources: TruNarrative combines data from over 40 third-party providers, which is a significant advantage in terms of comprehensive risk assessment. SEON, on the other hand, uses open data sources, which can provide a different kind of risk insight.
- User Interface and Automation: TruNarrative’s no-code interface allows for easy configuration and adaptation of rules without IT resources, which is a unique feature. Other platforms like TurnKey Lender and Ondato also offer user-friendly interfaces but may not have the same level of automation and real-time decision-making.
TruNarrative - Frequently Asked Questions
Frequently Asked Questions about TruNarrative
What is TruNarrative and what services does it offer?
TruNarrative is a regtech firm that provides a comprehensive platform for customer onboarding, fraud detection, and financial crime prevention. It offers end-to-end orchestration of financial crime prevention, customer onboarding, Anti-Money Laundering (AML), and transaction monitoring strategies through a single API. The platform integrates identity verification, online authentication, and intelligence from multiple data sources to facilitate these processes.
Which industries can benefit from TruNarrative’s services?
TruNarrative’s services are beneficial across various industries, including banking, lending, online gambling, ecommerce, and payment services. Its platform is versatile and can be adapted to support different business needs, such as Sharia compliant banking services as seen with Al Rayan Bank.
How does TruNarrative facilitate customer onboarding?
TruNarrative enables remote customer onboarding through its document and selfie capture solution, which includes biometric verification. This process helps in verifying the identity of both personal and business customers, ensuring a secure and compliant onboarding experience. The platform also supports multi-bureau KYC (Know Your Customer) and KYB (Know Your Business) checks.
What features does the TruNarrative platform include for fraud detection and AML compliance?
The TruNarrative platform includes several features for fraud detection and AML compliance, such as financial crime prevention, money laundering detection, identity and biometric verification, PEPs (Politically Exposed Persons) and sanctions screening, and anomaly detection. It also integrates with international payment screening and the UK national fraud database, Cifas, to enrich fraud investigations.
How does TruNarrative handle data integration and third-party data sources?
TruNarrative’s platform allows for the integration of data from over 50 third-party data providers through its App Store. This enables businesses to enrich application data and make informed decisions with a complete customer picture. The platform supports stateless data ingestion and augmentation, allowing for seamless integration of various data sources.
What is the pricing model for TruNarrative’s services?
TruNarrative offers multiple pricing options, typically separated into technology license and data usage fees. This flexible pricing model allows businesses to choose the most suitable option based on their needs.
Is TruNarrative’s platform scalable?
Yes, TruNarrative’s platform is designed to be scalable. It uses AWS scaling tools and other methods to ensure performance is continually monitored and additional resources are made available as required. This scalability supports businesses of various sizes, from start-ups to large enterprises.
Does TruNarrative provide any customization options?
TruNarrative’s platform is highly customizable. It includes a no-code rule builder that allows users to configure rules, data enrichment, risk levels, and other strategies without requiring technical expertise. Users can also customize the look and feel of the web browser interface, email templates, roles, and permissions.
What kind of support does TruNarrative offer for regulatory compliance?
TruNarrative provides a full case management system and a comprehensive audit trail to support regulatory compliance. The platform allows for rapid strategy changes and reactions to changing regulations and fraud trends, ensuring businesses remain compliant with current and future regulations.
Who owns TruNarrative?
TruNarrative is now wholly owned by LexisNexis Risk Solutions, a leading provider of risk management solutions.
What kind of integration does TruNarrative offer with existing technology?
TruNarrative’s platform can be integrated with a business’s existing technology stack, including core architecture and digital banking platforms. This integration ensures a seamless transition and enhances the overall efficiency of the onboarding and financial crime prevention processes.
TruNarrative - Conclusion and Recommendation
Final Assessment of TruNarrative
TruNarrative, now part of LexisNexis Risk Solutions, offers a comprehensive and integrated platform for financial crime prevention, customer onboarding, and compliance. Here’s a detailed assessment of its benefits and who would most benefit from using it.
Key Features and Benefits
- Unified Platform: TruNarrative provides a single API to orchestrate various services such as identity verification, PEPs and sanctions screening, bank account verification, email risk signals, and device intelligence. This unification helps in reducing operational costs and improving risk detection and management visibility.
- End-to-End Orchestration: The platform manages the entire financial crime lifecycle, including onboarding, transaction monitoring, and compliance. It allows for dynamic risk scoring and no-code configuration, making it user-friendly and adaptable to different regulatory environments.
- Customizable Rules and Decisioning: Businesses can build bespoke customer journeys and rules using the TruNarrative App Store. This flexibility enables the integration of multiple IDV providers and the creation of customized monitoring journeys utilizing machine learning and empirical rules.
- Compliance and Risk Management: The platform ensures full regulatory compliance by integrating transaction monitoring with risk scoring at onboarding and throughout the customer lifecycle. It also includes in-built case management and link analysis to help remediate referrals.
- Automation and Efficiency: Features like the Virtual Agent machine learning algorithm automate decisioning, eliminating irrelevant referrals and alerts, and significantly reducing operational costs.
Who Would Benefit Most
- Financial Institutions: Banks, payment companies, and non-bank financial institutions can benefit greatly from TruNarrative’s comprehensive financial crime prevention and compliance solutions. The platform helps these organizations meet onboarding and transaction monitoring requirements with lower customer friction.
- Lenders and Fintech Companies: Companies like Oakbrook, which are at the forefront of fintech lending, can leverage TruNarrative to enhance their customer onboarding processes, reduce false positives, and improve risk detection and management.
- Ecommerce and Online Gambling: Businesses in ecommerce and online gambling can also utilize TruNarrative to detect fraud and identify risk across their operations, ensuring compliance with various regulatory requirements.
Overall Recommendation
TruNarrative is a highly recommended solution for any organization seeking to streamline their financial crime prevention, customer onboarding, and compliance processes. Its ability to integrate multiple services through a single API, automate decisioning, and provide customizable rules makes it an invaluable tool in managing risk and ensuring regulatory compliance.
Given its global reach and the backing of LexisNexis Risk Solutions, TruNarrative offers a scalable and reliable solution that can adapt to the needs of various industries. Whether you are a financial institution, a fintech company, or an ecommerce business, TruNarrative can help you enhance your risk management strategies and improve your overall operational efficiency.