Enterprise Solutions News

Pegasystems Adds Capabilities to CLM and KYC Banking Solutions

Enhances applications to enable banks to centrally manage onboarding and KYC for both corporate and personal banking for the first time

Pegasystems has announced enhancements to its industry leading Pega Client Lifecycle Management (CLM) and Pega Know Your Customer (KYC) applications that provide the industry’s first unified solution for managing both corporate and personal banking customer journeys. No other solution allows banks to reduce the massive cost, regulation, and complexity they face from onboarding and offboarding clients across all lines of business on a global scale.

The growing list of complex onboarding and Know Your Customer regulations makes it difficult and expensive for banks to efficiently manage customers across their historically siloed lines of business and legacy systems. By extending the proven Pega CLM capabilities to personal banking channels, banks can drive these processes with a single master view of the client and all related parties, re-using data as they engage across the organization – from buy side and sell side to wealth and personal banking. This combined approach not only reduces costs and streamlines compliance but also provides faster and more consistent customer experiences that reduce the risk of abandonment.

New capabilities for both corporate and personal banking clients further simplify the massive complexity of driving client lifecycles across lines of business, including:

More efficient fund onboarding – Pega’s CLM capabilities for corporate and investment banking have been further extended to include bulk fund onboarding, making it the only application that allows for automated bulk onboarding of funds instead of manually rekeying fund information.

Integration with industry leading data providers – Pega has partnered with leading service providers such as Thomson Reuters (i.e. World-Check), OutsideIQ, Equifax, NominoData, and Dunn & Bradstreet to develop and deliver APIs for leading sanctions, politically exposed persons (PEPs), high risk customer screening, and adverse media services. Additional partnerships with Kyckr and DTCC (Avox, Omgeo) will complement existing integrations with leading KYC utilities such as kyc.com (powered by Markit and Genpact) and Clarient. These integrations can be fully utilized across personal banking and Pega’s KYC application.

Expanded and updated KYC rules – Pega CLM offers full integration with the Pega KYC regulatory rules application. By partnering with leading regulatory advisor and global law firm DLA Piper, Pega KYC provides automated updates to more than 3,500 pre-built due diligence requirements and more than 3,000 pre-configured logic rules for regulations.

Improved customer experience – Pega CLM provides new omnichannel capabilities that enhance the customer experience and drive higher customer satisfaction.

Available today, the latest version of Pega CLM and Pega KYC will demonstrated at Sibos 2016 in Geneva from September 26-29, at stand E40.

Reetu Khosla, senior director of risk, compliance, and onboarding for financial services, Pegasystems commented, “With new cross-border regulatory requirements emerging that increasingly impact global onboarding, its imperative banks put their customers at the center of their business to stem rising compliance costs and complexity across jurisdictions and channels. With these enhancements to Pega CLM, we are extending our decade-long experience powering onboarding and KYC for the world’s largest corporate and retail banks. This will enable the world’s top financial institutions to rapidly implement Pega’s industry-leading applications with industry best practice functionality across multiple lines of business and channels.”

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