Mercury FX improves its onboarding process with help of TruNarrative

Mercury FX has integrated the TruNarrative solution to improve its customer onboarding processes, regulatory compliance and financial crime prevention strategy.

London-headquartered Mercury FX is an international payments company which gives customers lower exchange rates than banks when sending or receiving currency.

The company is required to onboard and monitor customers from around the world. To ease this burden, the company sought a platform to automate this work while adhering to compliance requirements.

TruNarrative offers a single application programming interface (API) and portal which will enables Mercury FX to automate onboarding and lower false positives. The service will also help to improve risk decisioning, reporting and case management.

Mercury FX founder Alastair Constance said, “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.”

Last year, TruNarrative integrated the behavioural analytics service of Bleckwen into its own solution. By leveraging the AI-powered solution it can now detect fraud across payment transactions and credit applications in real-time, flag unusual online activity and provide actionable insights.

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