GB Bank Picks TruNarrative for Regtech Capabilities

Challenger bank gets a suite of compliance technology, automating onboarding processes including AML, KYC, document validation, PEPs, and more.

Challenger GB Bank has chosen Leeds-based regtech company TruNarrative to provide its suite of customer onboarding and transactional risk compliance capabilities.

GB Bank is targeting SME property developers and grabbed a restricted banking licence last year. With a focus on regional projects and businesses, GB Bank reckons it is set to lend £3 billion across the next five years, building a £1 billion-plus balance sheet by funding construction of 20,000 homes and several million square feet of commercial space.

Stephen Lancaster, GB Bank’s CEO, states: “We didn’t want a legacy system for GB Bank, but a bespoke and secure, customer-centred solution. TruNarrative is helping us fulfil that need and it is great to have the team on board as a partner as we move ever closer to launch.”

According to TruNarrative, it will deliver a suite of compliance technology, automating onboarding processes including AML, KYC, document validation, PEPs, sanctions and adverse media checks, bank account authentication and transactional risk monitoring.

Using TruNarrative, GB Bank can build a risk profile for each customer with risk visibility over applications, deposits, withdrawals and repayments.

GB Bank will have access to over 50 third-party data providers within the TruNarrative App Store.

TruNarrative will integrate with GB Bank’s technology stack, including core banking systems, front-end user interface and reporting framework. Back in October 2021, the bank went live on the nCino Bank Operating System.

The bank will be able to access a case management system for manual reviews and referrals, a natural language rule builder allowing for strategy changes, and an audit trail with recall of data for regulatory purposes.

TruNarrative, which LexisNexis Risk Solutions acquired last year, is used by various financial institutions. It enables banking, lending, e-commerce and payments firms to onboard customers, detect fraud and identify risk via a single API.

GB Bank was founded by brother and sister Stephen and Emma Black, and technology entrepreneur Lancaster. The bank’s senior team is led by Chair Paul Rippon, who co-founded Monzo and Starling.

In 2020, GB Bank (then GBB) secured a £20 million investment from the Teesside Pension Fund (TPF). It has since secured a further commitment from the TPF of up to £28 million.

According to LinkedIn, GB Bank is based in Middlesbrough, while on its quiet Twitter account it says Newcastle.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
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