Pega Speeds Onboarding & KYC with Full Digitization Including Facial Recognition Technology
October 10 2017 - 9:00AM
Pegasystems Inc. (NASDAQ:PEGA), the software company empowering
customer engagement at the world’s leading enterprises, today
announced the integration of new facial recognition and
identification capabilities within its Pega® Know Your Customer
(KYC) and Pega® Client Lifecycle Management (CLM) applications. By
integrating technology from Electronic IDentification (eID),
financial institutions can legally and securely verify the identity
of new customers in just minutes. Recently named the top category
leader in KYC systems by leading risk technology analyst firm
Chartis Research, Pega KYC and Pega CLM have also been enhanced
with several new innovative features to help banks reduce
onboarding time, cost, and complexity while improving the overall
customer experience.
Client onboarding and verification can take banks more than 100
days for institutional customers and multiple days for retail
customers. This significantly slows time to revenue and affects
customer experience. Now banks can streamline traditional paper and
face-to-face verification processes with video identification for
underlying parties in less than two minutes. Together with Pega KYC
and Pega CLM, financial institutions can digitize the entire
onboarding process end to end – from client adoption, product and
jurisdiction onboarding, and KYC, to legal, fulfillment, and
offboarding – by integrating facial recognition into a CLM solution
for the first time in the industry.
New clients simply record a short video of their face and their
identification using any video-capable device either at home or in
the branch. Electronic IDentification uses advanced biometrics, AI,
and optical character recognition (OCR) to match the individual’s
face with their legal documentation, such as a passport, to quickly
and accurately confirm their identity. The process complies with
any eID-supported legal ID card and all major international
regulations, including Electronic Identification Authentication and
Trust Services (eIDAS), Anti-Money Laundering (AML), Financial
Action Task Force (FATF), and new General Data Protection
Regulation (GDPR).
In addition, Pega has introduced a number of new capabilities
designed to help businesses stay up to date with the latest KYC
regulations and streamline onboarding front to back office:
- Intelligent automated event-driven review drives
further efficiency: Pega further automates client refresh
and change of circumstance – triggered by external data provider or
internal customer data changes – to automatically drive auto-case
creation, refresh, or auto-resolution through pre-built
intelligence.
- Deeper automation and optimization with third-party
data and utilities speeds case processing: Pega enables
relationship managers to open a new onboarding case pre-populated
with data from various third-party sources – such as Thomson
Reuters World-Check One, Verified Entity Data as a Service
(formerly Avox), Clarient, IHS Markit’s Kyc.com, and Equifax – to
drive further automation.
- Onboarding initiation from mobile devices allows for
faster onboarding: Relationship managers can now initiate
new onboarding cases for clients from any mobile device in just
minutes, automatically routing through front to back office with
pre-built rules, processes, and target operating model.
- Pega KYC Regulatory Rules Engine updates ahead of
deadlines: Pega updated its regulatory rules engine to
include EU member state local adoption of the 4th EU Money
Laundering Directive and the proposed 5th EU Money Laundering
Directive requirements, all with pre-built logic, allowing end
banks to stay ahead of regulatory change in minutes instead of
months.
Pega CLM and Pega KYC are the only cross line of business,
globally scalable applications for large complex financial
institutions with pre-defined industry best practices for
onboarding and KYC. The solution suite provides industry leading
UI/UX from sales through to the customer, with inherent robotics
and AI and a fully optimized target operating model. These
industry-leading applications can be deployed at the world’s
largest institutions in as little as three months to speed time to
revenue with new and existing clients. Pega provides deep in-house
industry KYC and customer due diligence (CDD) regulatory and
onboarding expertise coupled with best-in-class partnerships and
regulatory rules engine. Pega’s global team of experts have
deployed onboarding and KYC solutions for more than 10 years at
more than 30 of the world’s largest financial institutions.
The new version of Pega CLM and Pega KYC will be available
immediately and shown for the first time at Sibos in Toronto on
October 16-19, 2017, at booth #KO2. For more information on Pega
CLM and Pega KYC, visit www.pegaonboarding.com. To join Pega’s
luncheon event at Sibos on October 18 at 12 p.m. on how AI and
robotics are transforming KYC and onboarding in the digital age,
visit www.pega.com/about/events/sibos
Quotes & Commentary“RegTech for large
global banks must be part of an end-to-end digital transformation
strategy that digitizes every possible aspect of the onboarding and
KYC process to stay competitive in a global marketplace,” said
Reetu Khosla, head of risk, compliance, and onboarding for
financial services, Pegasystems. “As the industry leader in KYC and
CLM technology, Pega provides automated KYC rule updates allowing
our clients to stay ahead of change and, for the first time,
integrates video identification from Electronic IDentification to
deliver the first digital end-to-end onboarding and KYC experience.
This helps our clients drive faster time to transact and customer
centricity across any line of business and channel.”
Supporting Resources
- Product background: Pega KYC and Pega CLM
- Analyst report: Pega named KYC & CLM category leader by
Chartis Research
- Event details: Pega at SIBOS 2017
About Pegasystems Pegasystems Inc. is the
leader in software for customer engagement and operational
excellence. Pega’s adaptive, cloud-architected software – built on
its unified Pega® Platform – empowers people to rapidly deploy, and
easily extend and change applications to meet strategic business
needs. Over its 30-year history, Pega has delivered
award-winning capabilities in CRM and BPM, powered by advanced
artificial intelligence and robotic automation, to help the world’s
leading brands achieve breakthrough business results. For
more information on Pegasystems (NASDAQ: PEGA) visit
http://www.pega.com.
Press Contact:Sean AudetPegasystems Inc.
sean.audet@pega.com(617)
528-5230
Twitter: @pega
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