UK-based challenger bank Atom Bank has selected the cloud-native core banking technology provider Thought Machine and regtech TruNarrative for an anti-money laundering (AML) solution.

Thought Machine and TruNarrative have joined forces to equip Atom Bank with latest financial crime prevention and core banking capabilities.

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Under this partnership, TruNarrative has enabled Atom to use its platform to conduct real-time AML transactional monitoring processes.

The TruNarrative platform is used by regulated entities like banks, lenders, e-commerce websites and payment services.

Its advanced decision engine combined with real-time data from Thought Machine’s core-banking engine enables banks to comply with changing regulatory needs for transaction risk management.

TruNarrative head of banking Edward Vaughan said: “There is a strong cultural and thought leadership alignment between our two companies have already delivered a successful project for a leading UK challenger bank.

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“In leveraging a best in class compliance solution, alongside a modern cloud-native core banking platform will enable a frictionless and compliant journey for end customers.”

Thought Machine director of partnerships Steve Hoy said: “TruNarrative’s deployment in Atom’s stack provides a great use case of how Vault enables banks to seamlessly integrate with and take full advantage of the functionalities offered by leading solution-providers in the financial technology ecosystem.”

Atom Bank’s customers will be empowered with access to ID verification software, and account and transaction monitoring, for ensuring account security.

Through this strategic partnership, the bank can also create new products for its customers.