Pegasystems, Inc., the software company empowering the world’s leading enterprises with strategic business applications, and DLA Piper, a leading global law firm and regulatory advisor, have collaborated to assist Pega in offering new software capabilities enabling financial institutions to reduce the time and costs associated with managing rapidly evolving laws and regulations. Banks can now readily integrate ongoing updates to their customer due diligence regulatory rules through Pega’s industry-leading Know Your Customer (KYC) application, helping ensure they are up to date with major regulatory rule changes affecting client onboarding.
According to a recent Forrester Research report, complying with KYC regulations ranks as the biggest pain point for global corporate banking executives.(1) The rapid pace of regulatory change makes it even more difficult to onboard clients, which can affect client lifetime value, client satisfaction, and even the ability to win new business. This unique collaboration between Pegasystems and DLA Piper gives retail to corporate and investment banks a faster, more efficient, and cost-effective way to manage and integrate these increasingly complex regulatory rule changes.
DLA Piper’s experienced global team of regulatory, legal, audit, and enforcement practitioners work on behalf of clients with all major regulators in all major financial centers to monitor regulatory changes and provide legal interpretation for any relevant updates. These include key regulations in the US, UK, EMEA, and Asia Pacific, such as complex rules related to Dodd Frank, EMIR, and MiFID, as well as Anti-Money Laundering (AML), the US Foreign Account Tax Compliance Act (FATCA), and Common Reporting Standard (CRS) rules.
Financial institutions can rapidly update and integrate these regulatory changes directly into Pega’s flexible, rules-driven KYC software through an easy-to-use import wizard that eliminates the need for manual hard coded methods. Pega clients can complement these DLA recommendations to accommodate special circumstances or their own interpretations of the rules by geography, booking entity, line of business, and product.
“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,” said Reetu Khosla, Senior Director of Risk, Compliance and Onboarding for Financial Services, Pegasystems. “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.”
“Financial institutions around the world are facing unprecedented regulatory requirements. Fortunately, a wide range of innovative technologies are helping them comply in a more efficient and effective manner than ever before,” said Bart Chilton, former commissioner of the US Commodity Futures Trading Commission and a Senior Policy Advisor at DLA Piper.
“Monitoring rule changes and updating compliance programs in this ever-changing regulatory environment is expensive, time-consuming and risky particularly in countries where institutions have less robust business and support staff,” said Gerald Francese, Partner, DLA Piper. “Combining our global regulatory team with Pegasystems’ market-leading KYC software gives financial organizations a cost-effective and collaborative set of end-to-end services and software to support them at every stage of the regulatory change process and mitigate any unique localized regulatory risks."
This new capability is available today through Pega KYC, which is integrated with its Client Lifecycle Management to deliver a unified platform that helps enforce regulatory requirements and organizational best practices end-to-end. Built on Pega’s award-winning Build for Change® technology, Pega KYC provides dynamic rule-based processes to manage regulatory changes based on a financial institution’s unique risks.
Pegasystems (pega.com) develops strategic applications for sales, marketing, service and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 2000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use and global scale.
All trademarks are the property of their respective owners.
The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.