TruNarrative chosen to strengthen invoice finance firm’s onboarding process

Mike Harriss

Leeds-based TruNarrative has been chosen by Cardiff-based fintech firm, Sonovate, to enhance its customer onboarding processes.

Sonovate helps businesses working with temporary workers, including recruitment agencies, consultancies and on-demand marketplaces, to grow through smart, fast and flexible finance.

Businesses using Sonovate can access finance when they need it and can rest assured knowing all their back office is handled and that their flexible staff get paid easily and on time.

Since launch, it has provided £1 billion to growing businesses, funding invoices across 39 countries.

Using TruNarrative’s single Application Programming Interface (API) and portal, Sonovate can adapt its onboarding processes without the need for time consuming processes or resources. This allows the firm to easily tweak its strategy inhouse – simultaneously improving efficiency and risk assessment, as well as invoicing procedures and optimising case performance checks.

Following a rapid growth period – which saw a 300 per cent business increase over the previous three years – and further plans to expand into Europe and the USA, Sonovate identified the need to invest in a smart technology solution which enables the firm to move away from its current manual processes and adopt a real-time customer onboarding experience.

Mike Harriss, head of commercial channels at TruNarrative, said: “We are pleased to deliver a solution that allows Sonovate to achieve its growth aspirations in existing and new markets. The platform enables the organisation to scale up its volumes, seamlessly onboard new customers without increasing operational costs and maintain the highest levels of compliance and anti-financial crime controls.

“Like many growing businesses, Sonovate initially employed a manual process – requiring employees to review hard copy documents using six different verification systems. The TruNarrative platform will allow Sonovate to automate its risk processes from, in extreme cases, a number of days down to minutes, or even seconds.”

Tom Wilson, Head of Risk and Compliance at Sonovate, said: “We recognised that automation was necessary to improve efficiency in our UK operation and facilitate our further expansion into new markets.”

“Having all fraud detection, digital document identity verification, real time IDV checks and business risk insights in one place helps us to streamline our processes, and the no-code interface means that we can edit our onboarding strategy at any time, without a dependence on costly resources.”


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