Indian IT company Mphasis has teamed up with UK-based software company iMeta Technologies to create a new customer onboarding solution for the financial institutions, primarily in Europe.

The partners intend to leverage artificial intelligence (AI) and machine learning (ML) technologies to bring the new KYC solution to the market.

Financial institutions use KYC solutions to streamline their customer onboarding. The new solution will cover the entire KYC lifecycle from collecting information via the customer identification program (CIP) to conducting customer due diligence (CDD) for risk assessment, the IT firms said.

iMeta offers onboarding, client lifecycle, offboarding, and master data management software and services to global, regulated organizations. The company is equipped in automating the onboarding processes and regulatory compliance.

iMeta CEO Ben Marsh said: “We really look forward to collaborating with the Mphasis team to provide the European financial community with an innovative solution to accelerate their client onboarding.”

Mphasis provides IT solutions in the cloud as well as offers cognitive services to financial institutions.

Under the latest partnership, Mphasis will bring the AI and ML capabilities to KYC on iMeta’s platform, to streamline the onboarding process.

Mphasis Europe head Anurag Bhatia said: “Combining our digital and AI transformation capabilities for the banking industry with iMeta’s expertise in delivering solutions to the global financial services industry, we are confident that we can offer our customers a unique and disruptive KYC solution.”