UK-based Darlington Building Society has partnered with LexisNexis Risk Solutions as it looks to utilise the latter’s compliance technology to help prevent financial crime.
LexisNexis says its RiskNarrative platform will aid the building society in improving its customer experience and customer onboarding journey.
The company adds that its platform helps businesses “detect fraud and identify risk using a single API and integrates into 50+ third-party data sources to enrich risk decisioning”.
With the platform, Darlington Building Society will also be able to carry out document verification, PEP and sanctions monitoring, identity and address verification and risk ratings for applications, as well as build and maintain internal watch lists.
“Their platform will allow us to digitalise and streamline our onboarding journey for mortgage and savings applicants, while also allowing us to take control and future-proof our strategy in relation to financial crime prevention,” says David Bews, chief risk officer for Darlington Building Society.
“The RiskNarrative solution allows us to react to fraud trends and amend our criteria as appropriate, so we can mitigate risk for the society and our members now, and in the future.”
Established in 1856, Darlington Building Society operates throughout the North East of England and Yorkshire with over £750 million in assets under management.