Allica Bank, a new UK based digital bank catering to SMEs, has selected a financial crime product suite from Sphonic, a regulatory tech company, to meet financial security requirements established by the FCA, said Alicia Bank officials in a press release.

“We chose Sphonic due to the range of services they can provide and the strength of their in-house team. Both will be key as Allica Bank expands its customer base and product offering over the coming years,” said Simon Bateman, Chief Information Officer at Allica Bank.

Sphonic is providing Alicia real-time Know Your Business (KYB) and Know Your Customer (KYC) services through a single API. Allica is also utilizing Sphonic’s AML Transactional Monitoring System to profile illicit activity across the bank’s various products, which it will be able to review through Sphonic’s Case Management tool, enabling a complete end-to-end security platform for the bank.

“We look forward to the ongoing collaboration with Allica as they build an exciting banking service for an underserved sector,” said Andy Lee, Founder of Sphonic.



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