Pegasystems Launches Know Your Customer Solution
CAMBRIDGE, Mass. – May 24, 2010: Pegasystems (NASDAQ: PEGA), the leader in business process management (BPM) software solutions, today launched its Know Your Customer (KYC) solution, built on its award-winning SmartBPM® Suite, to enable banking and insurance organizations to better manage their client on-boarding processes and ensure compliance to complex global regulatory requirements.
By automating Know Your Customer regulatory requirements that are specific to different global jurisdictions, customers and products, the new Pegasystems solution will enable organizations to achieve 100 percent regulatory compliance, while also improving customer service levels by accelerating the on-boarding process by up to 70 percent. The KYC solution provides a common platform, allowing for specialization by country, line of business and product-specific KYC and enhanced due diligence compliance requirements. The solution reduces manual processing, repetition of document requests, while managing risk dynamically, resulting in a significant reduction in operational risk while improving customer experience.
Because the KYC solution is built on the SmartBPM Suite, it enables organizations to manage complex, rules-based business process issues. Furthermore, its unified policies and procedures ensure full compliance with regional and product-specific regulations with a real-time audit trail. Pegasystems’ patented Build for Change® technology also gives designated business users the ability to easily modify rules and processes as compliance policies and risks change.
Pegasystems KYC solution provides organizations with:
· A dynamic and configurable risk-rating engine applied to changing customer profiles that automatically re-calculates risk and drives further action
· Rules-based drivers and specialization for due diligence requirements by product, geography and risk profile
· Re-use of existing due diligence across lines of business, minimizing repetitive requests and consistency in compliance documentation, significantly reducing the time to on-board and transact with new and existing clients
· Agility to allow select business users to change risk rating designations, rules and processes as risks and regulations change
· Real-time audit trails of actions, changes, policies and procedures, as well as management dashboard reporting
· Easy extendibility to Know Your Employee and Know Your Broker requirements
"Financial institutions and insurers globally have found it increasingly difficult to manage complex processes to ensure compliance to geography and product-specific KYC regulatory requirements while controlling on-boarding time," said Reetu Khosla, Director of Financial Crime Solutions at Pegasystems. "As a result, their essentially manual processes, inconsistency and repetition of document requests have led to increased regulatory scrutiny, loss of opportunity and account abandonment."
"Leading global organizations are already using Pegasystems’ proven technology to manage their global KYC processes," continued Khosla. "Incorporating the company’s patented Build for Change technology, this new KYC solution is quick to deploy and implement, with the inherent agility to easily change risk ratings and KYC processes to meet new regulatory and market demands."
Pegasystems (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 3000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use, and global scale. For more information, please visit us at www.pega.com.
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The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.
Lisa Pintchman Rogers
VP, Corporate Communications
Director, Corporate Communications
Sr. Manager, Public Relations
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