Encompass Corporation Partners with Pega to Streamline and Enhance Know Your Customer Processes

Encompass Corporation Partners with Pega to Streamline and Enhance Know Your Customer Processes
10.12.2019 10:12 am

Encompass Corporation Partners with Pega to Streamline and Enhance Know Your Customer Processes


Encompass Corporation, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions, today announces a partnership with Pegasystems Inc. (PEGA), the software company empowering digital transformation at the world's leading enterprises.

The partnership will enable mutual clients to seamlessly access Encompass data within Pega Know Your Customer™ (KYC) and Pega Client Lifecycle Management™ (CLM) applications to streamline customer onboarding and enhance customer experience.

Automation from Encompass provides the same processes a human analyst performs but with greater accuracy, consistency, and speed. This has been proven to reduce the time spent on these critical KYC activities by 80 per cent.

  • KYC Discovery - In line with an organisation’s existing KYC policies, Encompass automatically unwraps corporate ownership structures, calculates Ultimate Beneficial Ownership and gathers relevant source documentation from corporate registers, stock exchanges and regulatory listings to provide the full picture of a customer fast.
  • Watchlist Screening - Using the ownership structure created during the discovery process, Encompass continues to follow the relevant KYC policy to screen individuals and entities for regulatory and reputational risk, such as Politically Exposed Persons (PEPs), sanctions and adverse media, using pre-selected, premium risk data.
  • Adverse Media - With integrations to global premium news databases, Encompass can perform searches on unstructured adverse media using an organisation’s specific keywords. Automation drives consistency across Adverse Media searches and focuses analysts on the most relevant results for improved insight into risk and productivity.

Named the industry category leader in CLM and KYC applications year over year, most recently by leading independent industry risk technology analyst firm Chartis, Pega CLM and Pega KYC provide large complex financial institutions with pre-defined industry best practices, including over 30,000 KYC rules for multi-jurisdiction and multi-product onboarding. Pega provides a cross line-of-business solution - including corporate, institutional, wealth, and retail - and globally scalable CLM and KYC applications with inherent digital process automation, rules, process, case management, Artificial Intelligence (AI) and robotics. These industry-leading applications can be deployed in as little as three months to drive real outcomes from front to back office.

“We are excited about the benefits that Encompass can bring to Pega’s clients, both present and future, through this partnership,” said Nick Ford, Head of Partnerships at Encompass. “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.”

''Financial institutions need to simplify the complexity of client onboarding while meeting growing regulatory requirements and mitigating risk,'' said Eric Musser, vice president, partner ecosystems, Pegasystems. ''By partnering with Encompass, we are enabling banks to further digitise client onboarding through smart data management, helping our clients drive efficiency through the automation of due diligence data within the client onboarding and KYC lifecycle.''

Related News

Coronavirus outbreak spells the end for ‘outdated’ paper-based ID checks – SmartSearch

The spread of the coronavirus means firms relying on paper-based ID checks need to switch to electronic processes now to avoid a freeze on their business, according to anti-... Read more »

Baanx partners with HooYu to strengthen KYC processes

 Leading customer onboarding and KYC technology firm, HooYu, has been deployed by mobile crypto and fiat specialist Baanx. The HooYu Identify KYC journey has been... Read more »

SIX Group selects Know Your Customer’s digital solutions to strengthen supplier due diligence

SIX Group has selected award-winning RegTech provider Know Your Customer to strengthen its procurement process and better assess the... Read more »

Asian Private Banker Names Fenergo as the Best KYC and Client Onboarding Solution of the Year

Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions... Read more »

Vanquis Bank partners with HooYu to digitalise KYC processes

Leading customer onboarding and KYC technology firm, HooYu, has announced a partnership to digitalise Vanquis Bank’s KYC processes.  The HooYu KYC journey has been selected to... Read more »

Encompass Corporation 2019 AML penalty analysis: $8.14 billion of fines handed out globally

Encompass Corporation, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel