TruNarrative will be providing identity verification and onboarding services for the ikigai wealth management and banking platform. ikigai’s app allows users to create a budget, monitor their spending, and make (and track) investments through a single interface. All of those services are offered at a £20 flat monthly fee, which distinguishes the UK-based ikigai from other banking platforms that collect a percentage fee for investments.

The partnership with TruNarrative will allow ikigai to bring its product to market more quickly, largely because it no longer needs to develop its own onboarding technology. TruNarrative provides a comprehensive suite of identity verification and fraud prevention services, and offers support for biometric authentication. The solution also provides risk screening and is compatible with international Know-Your-Customer and Anti-Money Laundering regulations. 

“We are excited to partner with TruNarrative so our customers can experience a fast and frictionless onboarding process,” said ikigai Operations VP Ina Browning. “TruNarrative will help us ensure that our customers’ investments and accounts are safe and protected from financial crime.”

ikigai selected TruNarrative after completing a competitive tender process. TruNarrative previously upgraded its document and authentication capabilities through a partnership with Jumio. Meanwhile, Grand View Research has predicted that the market for Anti-Money Laundering tech will reach nearly $2 billion by 2025.

(Originally posted on FindBiometrics)