Pegasystems's Collaboration with DLA Piper Enables Banks Keep Pace with Changing Rules and Regulations
FREMONT, CA: Pegasystems, a software company, collaborates with DLA Piper, a law firm and regulatory advisor, to offer new software capabilities into Know Your Customer (KYC) application that will help corporate and investment banks to manage and integrate the fast changing laws and regulations.
Pega’s KYC application provides dynamic rule-based processes to manage regulatory changes based on a financial institution's unique risks. With the help of this application, banks can update ongoing changes through an easy-to-use import wizard to their customer due diligence regulatory rules to ensure that customers are up to date with major regulatory rule changes affecting client onboarding. The update happens automatically without the need of manual hard coded methods.
The new software will be available through Pega KYC, which is integrated with its Client Lifecycle Management to deliver a unified platform to help enforce regulatory requirements and organizational best practices end-to-end.
“In this era of unprecedented regulatory scrutiny, global financial institutions still struggle to keep pace with regulatory changes while minimizing the impact on onboarding times and customer experience. By teaming with DLA Piper, Pega uniquely taps into a wealth of regulatory enforcement expertise to give clients peace of mind that they can rapidly update their systems and efficiently mitigate risk," said Reetu Khosla, Senior Director of Risk, Compliance and Onboarding for Financial Services, Pegasystems.