Allica Bank selects Sphonic’s Regtech platform for Financial Crime Compliance

Allica Bank selects Sphonic’s Regtech platform for Financial Crime Compliance

Release Date: 21st November 2020

Recently launched SME Business Bank announces selection of Sphonic for managing KYC, AML and Fraud Prevention across the banking products with its innovative RegTech platform.

Allica Bank, launched in 2020 to empower small business with a range of banking products to a sector that has been traditionally poorly served by many of the mainstream institutions. Being a growing digital bank, Allica needs to ensure it can meet its requirements under its FCA license to tackle financial crime as well as keep its customers secure. Today Allica announces it has selected London based Regtech Sphonic’s Financial Crime product suite to support its compliance function with its innovative technology platform.

Sphonic was formed in 2012 when its core product Workflow Manager (WFM) was created, it acts as a Data Orchestration Platform that leverages data insights from over 85 of the world’s leading risk management services through an intelligent workflow engine. In addition to removing the complexity of multiple integrations, Sphonic leverages data from vendor calls in a workflow to optimise the customer on-boarding journey, eradicating risk and driving approval rates all within a few seconds. In the case of Allica it provides real-time KYB (Know Your Business) and (KYC) Know Your Customer services all via a single API. Allica will also launch Sphonic’s AML Transactional Monitoring System to profile illicit activity across the banks’ various products, which it will be able to review through realtime actionable insights via Sphonic’s Case Management tool, enabling a complete end-to-end AML/KYC platform for the bank.
Speaking of the selection, Simon Bateman, Chief Information Officer at Allica Bank said: “At Allica, we believe that business banking should be straightforward and transparent for SMEs. To be able to provide this service to our customers, we recognised the need for a trusted and innovative Regtech platform that could support Allica with its Financial Crime requirements with agility and expertise. 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..”
Andy Lee, Founder of Sphonic, added: “We are delighted to support Allica and their plans to bring a fresh approach to the SME banking industry.

Supporting Allica with our broad suite of financial crime products including our newly launched AML transactional monitoring solution will provide a longterm future-proofed technology stack that will scale as they will inevitably do. Sphonic has been regularly supporting the Fintech and Challenger Banking community with our innovative product suite for which our technology has seen renewed interest throughout the Covid 19 pandemic, we look forward to the ongoing collaboration with Allica as they build an exciting banking service for an underserved sector” Sphonic’s technology was recently featured in Gartners’ 2020 Market Guide for Identity Proofing and Affirmation and is used by a wide range of clients, benefitting from its innovative services supported by a team of industry experts in the digital risk management space. Organisations like Paysafe, Funding Circle, Safecharge, PaddyPower Betfair, Capita Pay360, , Zopa, NewDay cards and a host of others have been benefiting from Sphonic’s technology during its short history. Sphonic continues ongoing Research & Development, complementing its suite of products to address the growing demands in areas such Customer on-Boarding, AML, KYC, Fraud Detection & Monitoring.

For more information and further Press Enquiries contact:, +44 (0) 7508 487 179

About Allica Bank

Allica Bank exists to empower small and medium businesses to succeed. Having been granted their full banking authorisation in September 2019, they use tailored expertise, local relationships and modern technology to deliver expert banking for business Britain.
Starting out with commercial mortgages, along with a range of business and retail savings products, and with asset finance launching before the end of 2020, their aim is to provide a full suite of banking services for the underserved SME community – powered by innovative technology, but built on real human relationships and trust.

Allica Financial Services Register number – 821851. Allica is backed by Warwick Capital Partners.

Allica Bank is authorised by the Prudential Regulation Authority and regulated by the Financial

Conduct Authority and the Prudential Regulation Authority

About Sphonic

Sphonic is the trading name of Symphonic Solutions Limited a London-Based RegTech business, established in 2012 with backing from private investors to develop and launch its initial product Workflow Manager. With the growth in digital commerce, alongside increasing concerns around financial regulation and consumer security, Sphonic has created a suite of products to ensure its clients achieve the right balance in protection and customer experience.

Workflow Manager enables access to innovations from over 85 leading vendors in areas such as Global Identity & Verification, Peps & Sanctions Data,Device Fingerprinting, Mobile Profiling, Email Verification, Geo-Location, Behavioural Biometrics, Open Banking and many others through its agnostic platform. Recently Sphonic launched its upgraded Case Management Solution that provides real-time insights from the Workflow Manager product, with customisable visualisation and alerting capabilities.

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Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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