Wednesday, July 15, 2020

Icelandic bank turns to Leeds form for payment system support

Icelandic acquiring bank Borgun hf. has invested in a new platform from Leeds-headquartered TruNarrative to help boost the firm’s merchant lifecycle management and onboarding processes.

As a member of Visa Europe and Mastercard International, the new platform will enable Borgun to easily adopt new merchants into its payment network, as well as quickly and securely adapt its compliance and risk processes to new markets and products.

In addition, the streamlining and automating of the firm’s current merchant applications will see the solution significantly reduce the time taken to onboard new clients.

Using a combination of customer data and third-party enrichment services, the single-platform solution will also strengthen the bank’s financial crime strategy – across areas such as risk rating, customer due diligence, enhanced due diligence, fraud prevention, merchant risk monitoring and offboarding.

TruNarrative’s CEO John Lord said: “With an objective to scale through safe automation, Borgun is a fantastic fit for TruNarrative, and we look forward to working with the team to make this a successful project.”

Following a competitive tendering process, the European payments firm identified TruNarrative’s FinTech services as the best fit for the business.

Borgun’s CEO Sæmundur Sæmundsson added: “Borgun hf. is constantly looking for new ways to make its services more efficient, while also ensuring the security of its payment processing.

“Our use of TruNarrative’s platform for onboarding and MLM enables us to do exactly that, in addition to making sure that these key elements are in place in order to secure rapid business growth for our clients – which has always been Borgun’s main goal.”

Borgun will be able to make immediate changes to its strategy within the platform, meaning the firm won’t have to adapt its processes to the tech provider instead the technology will mould to the company’s needs.

The platform is also compatible with many existing third-party integrations and has the facility to quickly add new services.

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