Leeds-based TruNarrative expands its FinTech services into Iceland

Icelandic acquiring bank Borgun hf. – which offers Europe-wide payment processing and issuing services in Iceland – has invested in a new platform from TruNarrative.

As a member of Visa Europe and Mastercard International, the new platform will enable Borgun to adopt new merchants into its payment network, as well as adapting its compliance and risk processes to new markets and products.

Using a combination of customer data and third-party enrichment services, the single-platform service will also strengthen the bank’s financial crime strategy.

Commenting on the new overseas partnership, TruNarrative’s CEO John Lord said: “We are delighted Borgun chose TruNarrative to provide its MLM system.

“With an objective to scale through safe automation, Borgun is a fantastic fit for TruNarrative, and we look forward to working with the team to make this a successful project.”

Following a competitive tendering process, the European payments firm identified TruNarrative’s FinTech services as the best fit for the business.

Borgun’s CEO, Sæmundur Sæmundsson, added: “Borgun hf. is constantly looking for new ways to make its services more efficient, while also ensuring the security of its payment processing.

“Our use of TruNarrative’s platform for onboarding and MLM enables us to do exactly that, in addition to making sure that these key elements are in place in order to secure rapid business growth for our clients – which has always been Borgun’s main goal.”

The platform is also compatible with many existing third-party integrations and can quickly add new services.