Pega Named a Leader in KYC Solutions by Chartis Research
Pega receives highest scores possible in three out of four categories
CAMBRIDGE, Mass. – October 27, 2022 – Pegasystems Inc. (NASDAQ: PEGA), the low-code platform provider that builds agility into the world’s leading organizations, today announced that leading risk technology analyst firm Chartis has named Pega as a category leader in its KYC Solutions, 2022: Market Update and Vendor Landscape report (1).
In the report, which includes its RiskTech Quadrant® for KYC solutions, Chartis evaluated the 32 most significant Know Your Customer (KYC) providers across four criteria. Pega received the highest possible score in three of these categories: providing best-in-class capabilities across KYC customer onboarding, KYC risk scoring, and reporting and dashboarding.
The Chartis report evaluated all relevant solutions built on Pega PlatformTM, including Pega KYC. Chartis describes category leaders as combining “depth and breadth of functionality, technology, and content, with the required characteristics to capture significant share in their market.” It adds that leaders also “typically benefit from strong brand awareness, global reach, and strong alliance strategies with leading consulting firms and systems integrators”.
The world's largest financial institutions rely on Pega’s industry-leading low-code platform for AI-powered decisioning and workflow automation to accelerate their acquisition and onboarding of new clients, including managing highly regulated KYC and Client Lifecycle Management (CLM) processes. Pega streamlines compliance and onboarding processes, automates customer journeys and reduces the costs of addressing KYC requirements. It is also the only vendor that provides globally scalable CLM and KYC applications with inherent workflow automation, an automated KYC rules engine, and advanced case management.
Clients choose Pega due to its ability to manage variations in KYC regulations and policies across different customer segments, products, and jurisdictions while leveraging advanced rules management capabilities that can be configured by the business to adapt instantly to constantly changing regulation. Pega’s solutions also provide the seamless ability to incorporate data from various internal and external/third party systems and to streamline the customer and employee experiences while driving significant efficiencies such as reductions in onboarding times.
Quotes & Commentary
“Building on its historically strong market position, Pega has expanded its KYC functionality with perpetual KYC monitoring and low-code capabilities differentiators,” said Phil Mackenzie, research principal, Chartis. “The company has also expanded its corporate KYC capabilities to provide a more complete solution, and this – combined with its strong market presence – is reflected in its Category Leader position in Chartis’ 2022 KYC Solutions Quadrant.”
“This is further validation that Pega provides the best and most agile solutions available to help the world’s largest global financial institutions by streamlining regulatory compliance while providing multi-jurisdictional, multi-product onboarding on a global scale,” said Jason Grasso, customer risk & due diligence industry market leader, Pega. “In a world of growing financial uncertainty and increased regulatory change, this recognition from Chartis reinforces the market leadership of our low-code platform for AI-powered decisioning and workflow automation to help the world’s leading financial services organizations address their most complex onboarding and due-diligence needs.”
- Chartis KYC Solutions, 2022: Market Update and Vendor Landscape report
- Product Background: Pega PlatformTM
- Product Background: Pega KYC
- Product Background: Pega CLM
- Chartis, “KYC Solutions, 2022: Market Update and Vendor Landscape” by Phil Mackenzie and Ahmad Kataf, October 5, 2022
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