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Share Name | Share Symbol | Market | Type |
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Pegasystems Inc | NASDAQ:PEGA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.65 | 1.10% | 59.55 | 54.00 | 63.24 | 60.21 | 59.28 | 59.75 | 387,407 | 01:00:00 |
Client onboarding and verification can take banks more than 100 days for institutional customers and multiple days for retail customers. This significantly slows time to revenue and affects customer experience. Now banks can streamline traditional paper and face-to-face verification processes with video identification for underlying parties in less than two minutes. Together with Pega KYC and Pega CLM, financial institutions can digitize the entire onboarding process end to end – from client adoption, product and jurisdiction onboarding, and KYC, to legal, fulfillment, and offboarding – by integrating facial recognition into a CLM solution for the first time in the industry.
New clients simply record a short video of their face and their identification using any video-capable device either at home or in the branch. Electronic IDentification uses advanced biometrics, AI, and optical character recognition (OCR) to match the individual’s face with their legal documentation, such as a passport, to quickly and accurately confirm their identity. The process complies with any eID-supported legal ID card and all major international regulations, including Electronic Identification Authentication and Trust Services (eIDAS), Anti-Money Laundering (AML), Financial Action Task Force (FATF), and new General Data Protection Regulation (GDPR).
In addition, Pega has introduced a number of new capabilities designed to help businesses stay up to date with the latest KYC regulations and streamline onboarding front to back office:
Pega CLM and Pega KYC are the only cross line of business, globally scalable applications for large complex financial institutions with pre-defined industry best practices for onboarding and KYC. The solution suite provides industry leading UI/UX from sales through to the customer, with inherent robotics and AI and a fully optimized target operating model. These industry-leading applications can be deployed at the world’s largest institutions in as little as three months to speed time to revenue with new and existing clients. Pega provides deep in-house industry KYC and customer due diligence (CDD) regulatory and onboarding expertise coupled with best-in-class partnerships and regulatory rules engine. Pega’s global team of experts have deployed onboarding and KYC solutions for more than 10 years at more than 30 of the world’s largest financial institutions.
The new version of Pega CLM and Pega KYC will be available immediately and shown for the first time at Sibos in Toronto on October 16-19, 2017, at booth #KO2. For more information on Pega CLM and Pega KYC, visit www.pegaonboarding.com. To join Pega’s luncheon event at Sibos on October 18 at 12 p.m. on how AI and robotics are transforming KYC and onboarding in the digital age, visit www.pega.com/about/events/sibos
Quotes & Commentary“RegTech for large global banks must be part of an end-to-end digital transformation strategy that digitizes every possible aspect of the onboarding and KYC process to stay competitive in a global marketplace,” said Reetu Khosla, head of risk, compliance, and onboarding for financial services, Pegasystems. “As the industry leader in KYC and CLM technology, Pega provides automated KYC rule updates allowing our clients to stay ahead of change and, for the first time, integrates video identification from Electronic IDentification to deliver the first digital end-to-end onboarding and KYC experience. This helps our clients drive faster time to transact and customer centricity across any line of business and channel.”
Supporting Resources
About Pegasystems Pegasystems Inc. is the leader in software for customer engagement and operational excellence. Pega’s adaptive, cloud-architected software – built on its unified Pega® Platform – empowers people to rapidly deploy, and easily extend and change applications to meet strategic business needs. Over its 30-year history, Pega has delivered award-winning capabilities in CRM and BPM, powered by advanced artificial intelligence and robotic automation, to help the world’s leading brands achieve breakthrough business results. For more information on Pegasystems (NASDAQ: PEGA) visit http://www.pega.com.
Press Contact:Sean AudetPegasystems Inc. sean.audet@pega.com(617) 528-5230 Twitter: @pega
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