Automated know your customer (KYC) solutions provider Encompass has joined forces with software company Pegasystems to streamline KYC processes of financial service firms.
The collaboration will allow clients to access Encompass data within Pega KYC and Pega Client Lifecycle Management (CLM) applications.
The move is expected to expedite on-boarding processes and improve customer experience.
Pega CLM and Pega KYC offerings include more than 30,000 KYC rules for multi-jurisdiction and multi-product on-boarding.
Encompass head of partnerships Nick Ford said: “We are excited about the benefits that Encompass can bring to Pega’s clients, both present and future, through this partnership.
“This partnership allows Pega customers to automate even more of the KYC process within Pega CLM.
“A typical corporate profile can be unwrapped, with a visual ownership chart and relevant parties screened, as well as supporting documentation from premium and primary sources collated, in just a few minutes.”
Founded in 2012, Encompass delivers KYC automation software solutions to financial and professional service firms.
The process enables its clients to identify individuals and entities posing regulatory and reputational risks. According to the company, the automation of the KYC expedites related processes by nearly 80%.
Pegasystems vice-president of partner ecosystems Eric Musser said: “Financial institutions need to simplify the complexity of client on-boarding while meeting growing regulatory requirements and mitigating risk.
“By partnering with Encompass, we are enabling banks to further digitise client on-boarding through smart data management, helping our clients drive efficiency through the automation of due diligence data within the client on-boarding and KYC lifecycle.”