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.
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.''