Financial crime and compliance software firm TruNarrative has landed a deal with banking app Tally to enhance the firm’s customer onboarding and identity verification processes.
Tally said it is placing a “big priority on the customer onboarding experience and compliance” and TruNarrative’s unified platform solution provides distinctive routes for process in real-time for Know Your Customer (KYC), Politically Exposed Persons (PEPs) and sanctions checks, plus document verification.
These services all integrate via the TruNarrative’s single Application Programming Interface (API), which interfaces with Tally’s smartphone app and core systems.
Commenting on the partnership, Tally’s CEO, Cameron Parry, said: “As a fast-growing innovative company, we wanted to be able to scale fast and offer our customers a high-speed, low-friction onboarding experience.
“At the same time, compliance and security are critical factors to our success – we strive for best-in-class standards. The partnership with TruNarrative provides us with a no-compromise solution that fulfils all of our criteria for onboarding customers.”
Tally is the first banking app to offer consumers an alternative physical asset currency for everyday spending that also is not a cryptocurrency.
It operates as one ‘Tally’ representing is one milligram of vaulted gold owned by the customer through its platform and debit Mastercard, like a regular bank account.
John Lord, CEO, TruNarrative, added: “In a world of fiat and crypto currencies effectively being promises rather than assets, Tally® has a really interesting and ground-breaking idea.
“We’re looking forward to helping the company build its very innovative business model.”
The solution will also equip Tally with a customer onboarding process that can be adapted to future compliance and industry requirements.
