Pegasystems integrates facial recognition into KYC and CLM apps
Pegasystems Inc. has integrated new facial recognition and identification capabilities from Electronic IDentification (eID) into its Pega Know Your Customer (KYC) and Pega Client Lifecycle Management (CLM) applications.
Using advanced biometrics, AI, and optical character recognition (OCR), eID’s facial recognition and identification capabilities match the person’s face with their legal documentation, such as a passport, to quickly and accurately confirm their identity.
The process complies with any eID-supported legal ID card and all major international regulations, including Electronic Identification Authentication and Trust Services (eIDAS), Anti-Money Laundering (AML), Financial Action Task Force (FATF), and new General Data Protection Regulation (GDPR).
Aside from the new facial recognition and identification capabilities, Pega KYC and Pega CLM recently added several new features to help banks reduce onboarding time, cost, and complexity while improving the overall customer experience.
Client onboarding and verification can often take banks more than 100 days for institutional customers and several days for retail customers, which significantly slows time to revenue and affects customer experience.
Pega KYC and CLM applications with facial recognition and identification capabilities allow banks to streamline traditional paper and face-to-face verification processes with video identification for underlying parties in less than two minutes.
The applications allow financial institutions to digitize the entire onboarding process end to end – from client adoption, product and jurisdiction onboarding, and KYC, to legal, fulfillment, and offboarding – by integrating facial recognition into a CLM solution.
New clients record a brief video of their face and their identification using any video-capable device, such as a smartphone or a laptop, either at home or in the branch.
The new version of Pega CLM and Pega KYC will be available immediately and demonstrated for the first time at Sibos 2017 in Toronto, Canada on October 16-19.