Pegasystems Inc. announced that leading risk technology analyst firm Chartis Research has named Pega as a category leader in Know Your Customer (KYC) systems in its latest RiskTech Quadrant report for the second year in a row.
Chartis rated Pega based on completeness of offering and market potential across 11 separate 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.” In particular, Chartis ranked Pega as providing advanced capabilities in KYC risk scores, customer onboarding, Customer Lifecycle Management (CLM) capabilities, and its workflow engine.
Pega KYC and Pega CLM provide large complex financial institutions with predefined industry best practices, global coverage of KYC regulatory rules, and out-of-the-box functionality for onboarding and KYC. Pega is the only vendor that provides cross line-of-business (institutional, wealth to consumer) and globally scalable CLM and KYC applications with inherent digital process automation, an automated KYC rules engine with 29,000 rules, case management, AI, robotics, and zero code configuration. These industry-leading applications can be deployed at the world’s largest institutions in as little as three months to speed time to revenue and ensure compliance.
Pega provides deep in-house industry KYC and customer due diligence (CDD) regulatory and onboarding expertise coupled with best-in-class partnerships and a regulatory rules engine, which stays up to date on the latest changes to regulations such as AML, FATCA, CRS, MiFID II, Dodd-Frank, and EMIR. Pega’s global team of experts have deployed onboarding and KYC solutions for more than 10 years at more than 45 of the world’s largest financial institutions.
“Financial institutions face increasing pressure to efficiently and effectively onboard customers and navigate the complexity of regulations that are specific to their global lines of business,” said Sid Dash, research director, Chartis Research. “Pega’s status as a category leader puts it in a good position to help banks meet these challenges.”
“Pega continues to innovate and drive how many of the world’s largest financial institutions future proof and digitally transform complex global KYC compliance and onboarding,” said Reetu Khosla, global head, Know Your Customer and Client Lifecycle Management solutions, Pegasystems. “This recognition from Chartis demonstrates our ability to deliver transformative solutions with inherent AI, robotics, and zero code for enterprise-wide KYC enabling customer centricity and speed in the digital age.”