New Pega capabilities help reduce the time and cost needed to keep pace with constantly changing KYC and due diligence financial regulations
CAMBRIDGE, Mass. and NEW YORK, N.Y. – August 4, 2015 – Pegasystems Inc. (NASDAQ: PEGA), 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 on-boarding.
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 on-board 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 U.S., UK, EMEA and Asia-Pacific, such as complex rules related to Dodd-Frank, EMIR and MiFID, as well as Anti-Money Laundering (AML), the U.S. 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 on-boarding times and customer experience,” said Reetu Khosla, Senior Director of Risk, Compliance and On-boarding 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 U.S. 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. For more information, visit http://www.pega.com/industries/financial-services/commercial-banking#tab-onboarding–kyc
About DLA Piper
DLA Piper is a global law firm located in more than 30 countries throughout the Americas, Asia Pacific, Europe and the Middle East, positioning it to help companies with their legal needs around the world. In certain jurisdictions, this information may be considered attorney advertising. For further information, please visit: www.dlapiper.com
Pegasystems (NASDAQ: PEGA) 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. For more information, please visit us at www.pega.com.
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1 Forrester Research: “Client Onboarding in The Age of The Customer,” Craig Le Clair, November 2014