26 April 2018
Visit http://response.ncr.com

OutsideIQ and Pegasystems partner on KYC

20 September 2016  |  3609 views  |  0 Source: OutsideIQ

OutsideIQ, the leader in investigative cognitive computing, today announced a technology partnership with Pegasystems Inc. (NASDAQ: PEGA), the software company empowering the world's leading enterprises with strategic applications for customer engagement, to help financial institutions meet complex Know Your Customer (KYC) and customer due diligence regulatory requirements.

OutsideIQ's DDIQ due diligence reports will be integrated with Pega® Client Lifecycle Management (CLM) and Pega® Know Your Customer (KYC) applications, which are used by many of the world's largest banks. Pega CLM and Pega KYC provide industry leading, multi-product and multi-jurisdictional capabilities to streamline onboarding time and ensure compliance with complex regulatory requirements while speeding time to revenue. Pega CLM and Pega KYC clients will be able to leverage DDIQ's artificial intelligence to generate individual and company risk profiles as part of their due diligence processes that would otherwise be time consuming and costly to manually discover.

Pega CLM orchestrates and simplifies all complex CLM processes from front to back office on a global scale in a single unified application. This reduces onboarding time by 70 percent and costs by 60 percent while dramatically improving the customer experience and speeding time to revenue. Fully integrated with Pega CLM, Pega KYC manages compliance with country and product specific regulations using a dynamic rules engine, global master customer profile, rules management portal, and over 3,500 pre-configured best practice KYC rules.

DDIQ is an investigative cognitive computing product that automates what a human researcher does to uncover and analyze a subject's regulatory risks that are not found using current techniques. DDIQ enables financial institutions, investment firms, legal firms, and Fortune 1000 companies to mitigate risk and meet the increasing demands of regulators to automatically and constantly screen all available public data about a subject while preparing auditable reports.

"The extensive DDIQ due diligence reports free up analysts from tedious manual risk assessment research and integrates them as part of our CLM and KYC applications, which saves banks time and creates an easily auditable record," said Reetu Khosla, senior director, risk, compliance, and onboarding, Pegasystems. "This partnership will further streamline and automate the onboarding and due diligence process for our financial services clients by automatically screening for adverse media and highlighting the risk profile of new and existing clients."

"Pega provides the industry's leading onboarding and KYC applications used by the largest global financial institutions to help streamline and automate costly and time consuming client onboarding, customer due diligence, and KYC processes. We've seen the value DDIQ brings to our financial institution customers -- where it's set apart by our platform's automated due diligence vs. the slow, manual research that is typically done," said Dan Adamson, CEO of OutsideIQ. "By partnering with Pega to bring DDIQ into its applications, we will uncover and auditably report a wide range of risk using our proprietary cognitive computing technology -- allowing Pega clients to make faster, more informed compliance and onboarding decisions."  

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
'Fake data' will make banks vulnerable - Accenture'Fake data' will make banks vulnerable - A...
10397 views comments | 28 tweets | 36 linkedin
Irish central bank tunes in to fintechIrish central bank tunes in to fintech
9655 views comments | 20 tweets | 21 linkedin
JPMorgan to roll out Voice ID; begins branch expansionJPMorgan to roll out Voice ID; begins bran...
8857 views comments | 6 tweets | 8 linkedin
TransferWise launches multi-country bank accountTransferWise launches multi-country bank a...
8652 views comments | 26 tweets | 21 linkedin
Physical cash retains its popularity in face of electronic onslaughtPhysical cash retains its popularity in fa...
8615 views comments | 15 tweets | 17 linkedin

Featured job

Find your next job