Latest release of Pega KYC and Pega CLM allows banks to stay compliant with latest regulations while reducing onboarding time and costs
Pegasystems Inc., 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 systemsby 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 digitise 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 optimisation 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 optimised 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.