Pegasystems develops KYC face recognition product
12 October 2017 16:08 GMT

Customer engagement software firm Pegasystems has announced the integration of new facial recognition and identification capabilities into its Know Your Customer (KYC) and Pega Client Lifecycle Management (CLM) applications.

The firm has integrated technology from Electronic IDentification (eID), that enables financial institutions can legally and securely verify the identity of new customers using biometrics.

In a statement, the firm noted that client onboarding and verification can take banks more than 100 days for institutional customers and multiple days for retail customers.

However, the firm says that with Pega KYC and Pega CLM, financial institutions can 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 for the first time in the industry.

New clients simply record a short video of their face and their identification using any video-capable device either at home or in the branch. Electronic IDentification uses advanced biometrics, AI, and optical character recognition (OCR) to match the individual’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).