BOSTON, MA and TORONTO, ON--(Marketwired - September 20, 2016) - 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."
OutsideIQ is the leader in due diligence cognitive computing and search. OutsideIQ brings together some of the world's foremost experts on search with the best data scientists, big data professionals and software engineers to solve the complex problems of search for due diligence. Leveraging a proprietary approach to research via automated data-sifting with the data-interpretation skills of a human researcher, OutsideIQ is changing the way that the insurance and financial services industries vet their customers and handle their complex compliance requirements. For more information on OutsideIQ, please visit www.outsideiq.com
About Pegasystems, Inc.
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 http://www.pega.com/.
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