Banking

Ikano Bank picks TruNarrative to sit at regulatory centre of digital change

Ikano Bank has selected a new suite of regulatory compliance software from UK provider TruNarrative.

TruNarrative is sitting at the heart of Ikano’s new changes

The bank says the selection is due to a change in the way its handling new digital platforms and programmes.

TruNarrative will integrate with Ikano’s new technology infrastructure to power a “Europe-wide” fraud prevention strategy.

The Swedish bank is an offshoot of global retailer IKEA, and provides partner services across its European markets. In February, the furniture store bought a 49% stake in the bank.

Ikano offers credit cards, loans and savings accounts, alongside white-label cards, sales finance, leasing and factoring.

The bank says its new system will combine financial crime strategies for multiple jurisdictions with central visibility and reporting.

Michael Southgate, Ikano global head of AML and fraud, says the deal will help the bank “accelerate” its global digital transformation.

He adds that “TruNarrative ensures the highest levels of financial crime risk management” and a “flexibility to quickly respond to new and emerging threats”.

“We are delighted to be supporting Ikano Bank’s digital transformation,” says Edwarch Vaughn, head of banking at TruNarrative.

“We look forward to being at the heart of their financial crime risk management processes as the bank continues to develop new innovative products.”

Related: NatWest’s FCA laundering charge the “first of a few” to come in 2021




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