![]() We chose Sphonic due to the range of services they can provide and the strength of their in-house team. To be able to provide this service to our customers, we recognised the need for a trusted and innovative Regtech platform that could support Allica with its Financial Crime requirements with agility and expertise. Speaking of the selection, Simon Bateman, Chief Information Officer at Allica Bank said: “At Allica, we believe that business banking should be straightforward and transparent for SMEs. Allica will also launch Sphonic’s AML Transactional Monit oring System to profile illicit activity across the banks’ various products, which it will be able to review through real- time actionable insights via Sphonic’s Case Management tool, enabling a complete end -to-end AML/KYC platform for the bank. ![]() In the case of Allica it provides real-time KYB (Know Your Business) and (KYC) Know Your Customer services all via a single API. In addition to removing the complexity of multiple integrations, Sphonic leverages data from vendor calls in a workflow to optimise the customer on-boarding journey, eradicating risk and driving approval rates all within a few seconds. Sphonic was formed in 2012 when its core product Workflow Manager (WFM) was created, it acts as a Data Orchestration Platform that leverages data insights from over 8 5 of the world’s leading risk management services through an intelligent workflow engine. Today Allica announces it has selected London based Regtech Sphonic’s Financial Crime product suite to s upport its compliance function with its innovative technology platform. Being a growing digital bank, Allica needs to ensure it can meet its requirements under its FCA license to tackle financial crime as well as keep its customers secure. Recently launched SME Business Bank announces selection of Sphonic for managing KYC, AML and Fraud Prevention across the banking products with its innovative RegTech platform.Īllica Bank, launched in 2020 to empower small business with a range of banking products to a sector that has been traditionally poorly served by many of the mainstream institutions.
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