NatWest have announced a partnership with Synalogik, a member of their Entrepreneur Accelerator programme, to provide an innovative software platform that will allow the bank to automate their compliance and intelligence checks.
Synalogik was formed in 2018, and joined the NatWest Bristol Accelerator hub in April 2019, gaining support from the bank’s Entrepreneur and Fintech Accelerators in the process. Having grown and expanded their team, Synalogik now operate out of an office in Tewkesbury and continue to be supported by the bank’s Scale Up programme.
Their success to date has now resulted in NatWest signing a deal to use Synalogik’s technology to help reinforce its own compliance processes, and showing the bank’s commitment to investing in, and nurturing promising entrepreneurs.
Through the partnership, Synalogik will provide the bank with their ‘Scout™’ platform, which will help NatWest provide detailed and FCA-compliant risk-scoring, Enhanced Due Diligence, monitoring and reporting across their extensive client base, further protecting their personal and business customer base.
Daniel White, Co-Founder and Legal Director of Synalogik said: “We are excited to partner with NatWest. It is evident that banks of all sizes are looking for new and affordable solutions to be able to remain both agile and compliant to service their clients and abide by legal frameworks concurrently. By utilising Synalogik’s innovative technology, Scout, we’re giving organisations the power and accuracy they need to radically improve efficiencies and quality of output.”
Over 950 businesses are currently based on the bank’s accelerator programme, which has been digitised in response to the coronavirus crisis. Normally based in 12 physical hubs across the UK, the programme offers leadership and strategy coaching, workshops, speaker events and a broad network of experts and peers that can help both new and established businesses to grow and scale.
Gordon Merrylees, Head of Entrepreneurship at NatWest said, “We put entrepreneurs at the heart of everything we do, not just by focussing on their business growth, but on their personal growth too. Helping individuals understand their strengths and weaknesses, develop as leaders and managers, and develop their decision making to overcome obstacles, helps businesses like Synalogik to thrive through uncertainty and negotiate challenges more effectively.
Synalogik are a fantastic example of a business that has come full circle, having benefitted from our programme’s three pillars of support for entrepreneurs – coaching, network and community. Combined with the bank’s expertise and supply chain, we’re pleased to now have formally partnered with Synalogik as a supplier to the Group.”
To find out more about how to apply to be on NatWest’s Entrepreneurship programme, please visit https://www.business.natwest.