SOURCE: Pegasystems

Pegasystems

May 24, 2010 12:01 ET

Pegasystems Launches Know Your Customer Solution

Enables Banks and Insurance Providers to Achieve 100% Global Know Your Customer Compliance and Accelerate Time to Revenue by 70%

CAMBRIDGE, MA--(Marketwire - 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."

About Pegasystems
Pegasystems, the leader in business process management and a leading provider of CRM solutions, helps organizations enhance customer loyalty, generate new business, and improve productivity. Our patented Build for Change® technology speeds the delivery of critical business solutions by directly capturing business objectives and eliminating manual programming. Pegasystems enables clients to quickly adapt to changing business conditions in order to outperform the competition. 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.

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