Darlington Building Society Partners LexisNexis

The UK-based Darlington Building Society has partnered with LexisNexis Risk Solutions to leverage the latter’s RiskNarrative platform.

The partnership aims to enhance the Darlington Building Society’s financial crime prevention capabilities as well as its online member portal and customer onboarding experiences. Risk Narrative uses a single API and includes over 50 third-party data sources, which can help businesses better identify risks and detect fraudulent activity.

When implementing RiskNarrative, the Darlington Building Society will be able to perform document verification, monitor PEPs and sanctions, assess application risk ratings, and manage internal watchlists.

According to Darlington Building Society officials quoted by finovate.com, onboarding improvements will include the use of LexisNexis technologies to digitize and streamline onboarding experiences for mortgage and savings applicants.

Additionally, the implementation of RiskNarrative also includes the deployment of Digital ID&V, which will simplify customer account opening while reducing paper usage. The same representatives added that this new partnership can help “future the future” of the Company’s financial crime prevention strategy by helping it respond to current threats and prepare for future risks.

More information on the two entities

The Darlington Building Society was founded in 1856 and has nine branches in the North East, County Durham and North Yorkshire.

As well as offering savings accounts and a range of residential and commercial mortgages across England, Scotland and Wales, the financial institution also has an online banking resource called Darlingtononline.

International data and analytics company LexisNexis Risk Solutions was founded in 1997 and offers predictive insights and fraud prevention services. The company’s customers are involved in industries such as financial services and insurance, healthcare, government and public safety.

Recent LexisNexis Risk Solutions Developments

In August 2022, a UK-based P2P lending platform named Assetz Capital implemented RiskNarrative to further enhance its Know Your Customer (KYC) detection and anti-money laundering capabilities. (AML). The system can also be integrated into the company’s onboarding process by simultaneously supporting multiple KYC and AML checks from aggregated data sources.

In July 2022, LexisNexis Risk Solutions TruNarrative partnered with UK fintech Recognize Bank to improve the onboarding process for its small and medium enterprise (SME) lender clients.

By leveraging the LexisNexis RiskNarrative platform, the bank will be able to accelerate the onboarding of new commercial borrowers by digitizing a wide range of Anti-Money Laundering (AML) and Know Your Customer (KYC) processes.

For more information about LexisNexis Risk Solutions, please see the company profile in the Paypers Company Database.

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