From: FinTech Global
Having only launched earlier this year, Allica Bank has now picked Sphonic to manage its financial crime fighting efforts
The small business bank will use Sphonic’s know your customer, anti-money laundering and fraud prevention solutions across its banking products.
Doing so will help Allica Bank live up to its compliance obligations under its Financial Conduct Authority-issued licence.
Sphonic was formed in 2012 when its core product Workflow Manager (WFM) was created, it acts as a data orchestration platform that leverages data insights from over 85 of the world’s leading risk management services through an intelligent workflow engine.
“At Allica, we believe that business banking should be straightforward and transparent for SMEs,” said Simon Bateman, chief information officer at Allica Bank. “To be able to provide this service to our customers, we recognised the need for a trusted and innovative RegTech platform that could support Allica with its Financial Crime requirements with agility and expertise. We chose Sphonic due to the range of services they can provide and the strength of their in-house team. Both will be key as Allica Bank expands its customer base and product offering over the coming years.”
Andy Lee, founder of Sphonic, added, “We are delighted to support Allica and their plans to bring a fresh approach to the SME banking industry. Supporting Allica with our broad suite of financial crime products including our newly launched AML transactional monitoring solution will provide a long-term future-proofed technology stack that will scale as they will inevitably do.
“Sphonic has been regularly supporting the Fintech and Challenger Banking community with our innovative product suite for which our technology has seen renewed interest throughout the Covid-19 pandemic, we look forward to the ongoing collaboration with Allica as they build an exciting banking service for an underserved sector.”
The news comes on the back of Allica Bank launching a £100m funding round to support the high levels of demand for finance it is experiencing from British businesses in the aftermath of the coronavirus pandemic.
The lender’s CEO Richard Davies left to join the bank this summer after having previously clocked up experience at neobank Revolut.
Copyright © 2018 RegTech Analyst
