Pegasystems, a provider of business process management (BPM) software solutions, has launched Know Your Customer (KYC) solution to enable banking and insurance organizations to better manage their client on-boarding processes and ensure compliance to complex global regulatory requirements.

Pegasystems said that, by automating KYC regulatory requirements that are specific to different global jurisdictions, customers and products, the new solution will enable organizations to achieve 100% regulatory compliance, while also improving customer service levels by accelerating the on-boarding process by up to 70 %.

Pegasystems claimed that 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.

Reetu Khosla, director of financial crime solutions at Pegasystems, said: “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.

“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. 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.”