Leading Foreign exchange and Payment firm chooses RegTech platform to deliver a frictionless customer journey and reduce onboarding time to under 5 minutes.

29^th 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.

RationalFX 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 RationalFX 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,” commented 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,” said 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.”

About TruNarrative

TruNarrative was founded with a single mission: make safe commerce simple.

Established in 2016, TruNarrative’s intuitive no-code platform transforms fraud management, reduces risk, and streamlines KYC and AML processes.

TruNarrative assists ambitious companies of all sizes from across the banking, lending, financial services, betting, payments and ecommerce industries.

TruNarrative’s partnerships with major credit reporting agencies, document and biometric verification services, device intelligence suppliers, and dozens of other market-leading data service providers offer easily configurable integrations to business and non-technical users.

The company operates from offices in London and Leeds, UK, and Atlanta, USA. 

www.trunarrative.com

About RationalFX

The Rational Group is a leading group of financial services and payment technologies companies. Headquartered in London’s Canary Wharf, the group was founded in 2005 by Rajesh Agrawal, now Deputy Mayor of London for Business, and Paresh Davdra. Since its inception, it has processed more than £12bn in international payments.

Companies that are part of the Rational Group include:

• RationalFX – A leading UK payments & foreign exchange provider dedicated to helping businesses and private individuals transfer foreign currency through a currency specialist or online 24/7, at highly competitive rates.
• Xendpay – The world’s first Pay What You Want money transfer service, it’s dedicated to democratising global remittance and helping small businesses manage their international payment needs. 

RationalFX is authorised by the Financial Conduct Authority (FRN: 507958) under the Payment Services Regulations 2009, for the provision of payment services. It is also a registered Money Service Business under the Money Laundering Regulation 2007 (MSB No. 12206957). Rational Foreign Exchange EU, UAB is an EMD Agent of UAB PayrNet, an Electronic Money Institution authorized by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions (license reference 72, issued on 2020-08-28) for the issuing of electronic money and provision of the related payment services.