Pegasystems announced that leading risk technology analyst firm Chartis Research has named Pega as a category leader for its Know Your Customer (KYC) offering in its latest report, Financial Crime Risk Management Systems: Know Your Customer, for the third year in a row.
Chartis assessed Pega based on completeness of offering and market potential across 10 criteria. Chartis describes category leaders as combining “depth and breadth of functionality, technology, and content,” while demonstrating a “clear strategy for sustainable, profitable growth, matched with best-in-class solutions and the range and diversity of offerings, sector coverage, and financial strength to absorb demand volatility in specific industry sectors or geographic regions.”
Chartis ranked Pega as “high” for its KYC risk scores, customer onboarding, and workflow engine. The report cites Pega’s comprehensive engine for defining workflows and integrating with other applications, which “allows compliance teams to rapidly design, prototype and implement procedures across the KYC process, a task simplified further by Pegasystems Inc.’s ‘no code’ approach.”
The world’s largest financial institutions rely on Pega KYC and Pega CLM to streamline compliance and onboarding processes, helping automate customer journeys and reduce the costs of addressing KYC requirements. Pega is the only vendor that provides globally scalable CLM and KYC applications with inherent digital process automation, an automated KYC rules engine, advanced case management, AI, robotics, and zero code configuration for accelerated customization and implementation. These industry-leading applications help ensure compliance and onboarding for quicker time to revenue, while improving customer satisfaction and providing a common global customer experience.
Pega has embedded deep industry KYC and customer due diligence (CDD) regulatory expertise and onboarding best practices into these applications, which include a regulatory rules engine that is continuously kept up to date with the latest changes to AML, FATCA, CRS, MiFID II, Dodd-Frank, EMIR and other related regulations. Pega has been used to support onboarding and KYC solutions for over a decade at more than 40 of the world’s leading banks, including the largest corporate and financial institutions