Graydon, a leading provider of business data, insights and analytics in Europe, has announced a strategic technology partnership with global financial crime experts, TruNarrative. The partnership will provide a corporate anti-fraud solution to the business community. Graydon Detect is the first solution of its kind in the UK.
It is a pivotal time in the fight against corporate fraud (estimated to have cost UK businesses £125 billion in 2017, up 43% since 2008). With fraud on the rise and methods becoming increasingly sophisticated, organisations are looking for faster, more accurate detection and prevention methods than standalone solutions currently provide.
Underpinned by the expertise of TruNarrative’s data science and technology teams, combined with the predictive capabilities of Graydon’s data, Graydon Detect exposes, prevents and combats fraud, by providing its consortium members with accurate, real-time insights and draws upon Graydon’s deep domain expertise in high-risk industry sectors including financial services, insurance, IT, petroleum and construction.
The platform also allows for the integration of third-party data sources, meaning users can supplement Graydon’s insights with complementary data sets from any supplier, allowing maximum flexibility whilst optimising fraud detection capabilities.
The partnership operates on a reciprocal basis and sees TruNarrative integrating Graydon’s extensive international business database used in trade credit, supplier management and corporate risk identification, this further strengthens the TruNarrative platform and its ‘App Store’, a gateway to 40+ integrated third-party data services for the prevention of financial crime and provides insights on more than 160 countries.
John Lord, CEO at TruNarrative, commented: “TruNarrative is proud to partner with Graydon in providing its customers a way to securely improve the sharing of fraud insight. The fraud prevention consortium approach is a key part of our model to make safe commerce simpler; the Graydon datasets and commitment to fraud prevention make them an ideal partner in this space. We look forward to working with their customers and bringing Graydon data to ours.”
Simon Blackwell, Managing Director at Graydon, also commented: “It is clear that financial crime is becoming more and more complex and requires ever-increasingly sophisticated and flexible tools to help combat it. Combining the deep domain knowledge in fraud prevention of Graydon and TruNarrative coupled with accurate data and great technology will go a long way to minimise the risk for our customers. We’re delighted to partner with TruNarrative and are confident that Graydon Detect will become the B2B go-to-platform for fraud prevention professionals.”
Mike Harriss, Head of Channel at TruNarrative, said: “The TruNarrative partnership with Graydon is a perfect example of our channel strategy in action. We are offering the latest and best technology in financial crime management and providing a platform for our partner to extend their range of value-add services for a mature client base. At the same time, we are enhancing our own proposition with data and insights from an industry leader.”
