Leading Foreign exchange and Payment firm chooses RegTech platform to deliver a frictionless customer journey and reduce onboarding time to under 5 minutes.
29th June 2021 – London/ Leeds UK: TruNarrative has been chosen by the Rational Group, home of the cutting-edge FX and payment companies RationalFX and Xendpay, to boost its customer onboarding and identity verification processes and deliver a seamless customer experience.
Established in 2005, RationalFX is a market leading foreign exchange and international payments company. RationalFX has facilitated over $12 billion of international payments for their 180,000+ registered clients across over 170 countries.
TruNarrative’s SaaS platform enables businesses to detect fraud and identify risk via a single API. Their technology is trusted across the globe to strengthen fraud detection and compliance in a range of industries including, banking, lending, online gambling, eCommerce and payment services.
Rational FX went to market for a solution that could consolidate their group-wide customer onboarding, compliance and financial crime prevention strategy.
They required a comprehensive and agile onboarding and compliance platform capable of multiple customisable journeys and workflows. Their goal was to drive business efficiency, improve match rates and provide their customers with a frictionless onboarding experience whilst remaining compliant with current and future regulation.
The partnership with TruNarrative will allow Rational FX to verify the identity of new customers from across the world, performing IDV (Identity Verification), document verification, selfie and liveness checks.
Integrating with the group’s existing tech stack, including their core platform and front-end systems, TruNarrative will deliver RationalFX the ability to efficiently make informed customer acquisition and business risk decisions with the full customer picture in view.
RationalFX are now able to access the TruNarrative Appstore which delivers the range of data sources they need to take on and monitor their business and private clients across the international markets they operate in.
The TruNarrative platform allows the team at RationalFX to build different on-boarding processes for multiple jurisdictions and rapidly react to risk, market and regulatory changes from within an intuitive user interface.
“We love to partner with firms who go above and beyond to produce a great experience for their customers.” John Lord CEO at TruNarrative “We look forward to delivering RationalFX our technology to help them take on and manage customers in a safe and compliant way”.
“We always want to make our client experience the best it can be. Integrating with TruNarrative reduces the time clients spend onboarding to less than 5 minutes, enabling them to take advantage of our competitive rates on weekends and out of office hours, all whilst providing us with a scalable onboarding solution with enhanced fraud detection measures.” David Morgan,
Product Owner at RationalFX “This partnership will be key as we look to enter a new hyper growth mode and take the business to the next level. Watch this space.”