Home Finance & Investments Leeds-based TruNarrative chosen to boost global currency specialist’s financial crime strategy

Leeds-based TruNarrative chosen to boost global currency specialist’s financial crime strategy

London-headquartered global currency specialist Mercury FX has invested in cutting-edge platform from RegTech firm TruNarrative, to enhance its customer onboarding processes, regulatory compliance and financial crime prevention strategy.

As a regulated firm, Mercury FX is required to perform a multitude of Know Your Customer (KYC) checks on companies and individuals they work with. Being a global business, Mercury must be able to onboard and monitor customers from all over the world.

Needing to automate and organise these checks whilst maintaining compliance and delivering a low friction on boarding experience, Mercury went to market for a technology solution.

Using TruNarrative’s single Application Programming Interface (API) and portal, Mercury FX can adapt its onboarding processes without the need for further integrations or resources. This allows the firm to easily tweak its strategy inhouse to reduce false positives, while simultaneously improving risk decisioning, reporting and case management visibility.
The global currency organisation is also be able to maintain a central audit trail of all activity related to a client’s individual account – allowing Mercury FX to operate with maximum transparency.

Commenting on the partnership, Mike Harriss, Head of Commercial Channels at TruNarrative, said: “Mercury FX is a prime example of why we built TruNarrative – a truly global business with a broad requirement for bespoke customer-verification strategies.

“We are pleased to deliver a solution that allows them to reduce the volume of manual compliance tasks, while also maintaining a low-friction customer experience.”

Alastair Constance, Founder, Director at Mercury FX: “We’re passionate about challenging the dated and costly currency exchange services mainstream banks offer.
“We provide an efficient and transparent alternative to both businesses and consumers, and in the TruNarrative platform, we’ve found a solution that aligns with and further strengthens this ethos.

“Having all compliance, verification and financial crime detection in one place helps us to streamline our processes, and the no-code interface means that we can edit our financial crime strategy at any time, without a reliance on development resources.”